Trump Slams Oil Companies Over Profits
WASHINGTON − President Donald Trump called out the nation’s two largest oil companies, accusing ExxonMobil and Chevron of profiting too excessively amid elevated crude oil prices during the U.S. war in Iran.
“They’re making too much money based on a shortage,” Trump said in Aug. 3 remarks from the Oval Office. “I don’t like it. And I should be the last one to say it because I’m a big free enterprise guy, nobody bigger.”
Record Quarterly Earnings
ExxonMobil and Chevron last week reported massive second-quarter profits as a result of the war. ExxonMobil said it made $14.5 billion between April 1 through June, up from $7.1 billion in profits during the same time period in 2025. Chevron posted $12 billion in second-quarter profits, a 380% increase over the company’s $2.5 billion in earnings during the second quarter of 2025.
“Chevron, too much money. ExxonMobil, too much. Too much money,” Trump said. “When you look at one company, where they made 12 times what they made the year before, they ought to give some of that back to the public. And they better cut the retail price, the consumer price.
“You surprised I’m saying it?” Trump added. “I’ll say it loud and clear. I’m not happy about it.”
High gas prices from the war in Iran pose a major political risk for Trump and Republicans as they look to hold on to majorities in the House and Senate.
Industry Pushes Back
The American Petroleum Institute, which represents the nation’s oil and gas companies, said the industry shares Trump’s goal of “affordable, reliable energy for consumers” but defended the profits of Chevron and ExxonMobil in a statement.
“Today’s higher prices are driven by global supply, demand and continued uncertainty around the Strait of Hormuz and other critical shipping lanes—not by any one company,” API spokeswoman Andrew Woods said.
By targeting oil companies, Trump is borrowing a page from the playbook of Democrats, who have long attacked the enormous profits of the oil industry. President Joe Biden, when he battled high inflation during his presidency, suggested oil companies could be engaging in “illegal conduct” by charging high prices at the pump during the COVID-19 pandemic.
Gas Prices Remain High
Trump has called for gas retailers to bring down prices “immediately,” but prices remain sharply above their pre-war levels. The average price for a gallon of regular gasoline in the United States was $4.10 on Aug. 3, compared to $2.98 before Trump launched the first U.S. airstrikes against Iran in February.
Trump in June directed the Justice Department to investigate oil companies for potential price-gauging for not lowering gas prices at the pump. Trump has long predicted oil prices will drop considerably when the U.S. war with Iran ends.
“When we’re finished with Iran, you’re going to see oil prices drop through the floor,” Trump said.
Reach Joey Garrison on X @joeygarrison. Reporting by Joey Garrison, USA TODAY / USA TODAY. USA TODAY Network via Reuters Connect.
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