Former President Donald Trump on Monday criticized major oil companies, including ExxonMobil and Chevron, for what he described as excessive profits generated during the ongoing conflict with Iran. Trump argued that these companies are making "too much money" due to the war's impact on global oil prices and called for them to lower consumer prices and return some of their earnings to the public.
ExxonMobil reported $14.5 billion in second-quarter profits for 2026, a twofold increase from the same period last year. Chevron, meanwhile, earned $12 billion in a single quarter, its highest in six years. These soaring profits coincided with oil prices exceeding $100 a barrel and gasoline prices reaching an average of $4.56 per gallon in the spring.
"They're making too much money, okay, based on a shortage," Trump stated in 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." He specifically mentioned Chevron and ExxonMobil, adding, "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."
Trump predicted that gasoline prices would decrease significantly once the United States is "finished with Iran." The current average price of $4.09 for a gallon of regular gasoline is nearly a dollar higher than it was a year ago.
Earlier on Monday, Trump addressed Chevron CEO Mike Wirth on social media, criticizing his comments about the company's production efforts amidst a "somewhat fragile and uncertain" energy market. Trump asserted that the oil industry's current success and the company's return to operations in regions like Venezuela are attributable to the "genius, foresight, strength, and stability" of his administration.
This is not the first time Trump has voiced concerns about oil company profits. In June, he threatened to prosecute major oil companies, alleging that consumers were being "gouged" as gasoline prices remained high even after crude oil costs declined. He had previously directed the Justice Department to investigate oil firms at that time. ExxonMobil and Chevron did not immediately respond to requests for comment.