Trump Says Oil Companies Have Made ‘Too Much’ Money Amid the War in Iran

President Trump says he is “not happy” that major oil companies’ profits are soaring while Americans are still grappling with high prices at the pump. On Friday, Chevron reported second-quarter profits of $12 billion, up $9.6 billion from the same period last year, while ExxonMobil announced its earnings were $14.5 billion, more than double its earnings from the second quarter of 2025. A day earlier, Shell came in with a profit of $9.84 billion, also more than doubling its profit from the same period of last year. The CEO of Chevron, Mike Wirth, said in a statement that the windfall was the result of “disciplined investment.” But critics noted the soaring profits came as gas prices are elevated amid the war in Iran. On Monday, Mr. Trump told reporters that he is not pleased with those earnings reports.“I don’t like it,” Mr. Trump told reporters in the Oval Office. “They’re making too much money, OK? Based on a shortage, they’re making too much money.”The president said that he should be “the last one” to criticize oil companies’ profits because he is a “big free enterprise guy — nobody bigger.”Mr. Trump insisted that when the war in Iran is over, oil prices will “drop through the floor.” In the meantime, he said some of the companies should give some of their profits to the public and demanded that they lower the prices at the pump. The national average price for a regular gallon of gasoline is $4.09 as of Monday afternoon, according to AAA. That is up from $3.15 a year ago.While Mr. Trump insists that gas prices will fall, it is unclear when the war will come to an end after the president once again called off planned strikes with the hopes that a deal can be struck to end the conflict. He told reporters on Monday that he believes negotiators “maybe” on the verge of getting a deal, adding, “I want to give them every last chance before decapitation.”Mr. Trump has previously threatened to launch devastating attacks against Iran only to call them off in the hopes of reaching a deal. However, he told reporters that this is the “last chance” for Iran to “sign a good” deal. The president is not alone in expressing frustration with the oil companies’ profits. On Friday, House Minority Leader Hakeem Jeffries said that “oil companies are making record profits as a result of the Republican war of choice in Iran,” while Americans are “drowning in skyrocketing gas prices.” He added that “the crooks” should be held accountable.

Trump Says Oil Companies Have Made ‘Too Much’ Money Amid the War in Iran

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