Trump Criticizes ExxonMobil and Chevron Over Excessive Oil Profits

The friction between the White House and the energy sector comes as global markets reel from the largest supply disruption in history. Following strikes by the U.S. and Israel against targets in Iran on February 28, the Strait of Hormuz—a bottleneck through which roughly a fifth of all global crude oil must travel—faced repeated closures and openings. This volatility pushed Brent crude prices to a peak of over $120 per barrel and left companies and investors uncertain about what to expect.

ExxonMobil and Chevron’s Second-Quarter Windfalls

The financial gains for the industry’s largest players have been staggering. According to reporting from CNBC, Chevron’s second-quarter results surged by nearly 400 percent, jumping to $12 billion from $2.5 billion in the same period the previous year. ExxonMobil saw its net earnings more than double, reaching $14.5 billion over the same three-month stretch.

These two companies are part of a broader trend of extreme profitability. An analysis by the British newspaper The Guardian indicates that 2026 is set to go down in history as a prime year for the oil industry. A calculation shows that eight of the world’s largest oil companies—Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron, and ExxonMobil—earned a combined profit of nearly 93 miljarder dollar for the subsequent quarter, spanning April to June. That breaks down to approximately $700,000 per minute for those firms during those three months.

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They’re making too much money based on a shortage. I don’t like it. — Donald Trump, U.S. President, via CNBC

The Impact on American Consumers and Gas Prices

While corporate balance sheets swelled, American drivers faced a sharp increase in costs. According to CNBC, crude prices jumped about 20 percent after the U.S. and Israel struck targets in Iran on February 28. Between April and June, the American WTI oil price had an average closing price of around $92 per barrel, which was approximately 27 percent higher than during the first quarter.

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This market shift translated directly to the pump; AAA figures reported that nationwide gasoline averaged $4.10 per gallon on Monday, a 40 percent jump from the $2.98 average seen before the fighting started. President Trump’s frustration is rooted in the belief that these profits are not the result of operational efficiency but of a crisis. Speaking to reporters at the White House, he insisted that corporate profits had grown excessive during a period of global conflict and demanded that executives pass these gains back to the public.

Donald Trump stated that Chevron and ExxonMobil have too much money and that they should return some of it to the public by lowering retail and consumer prices. — Donald Trump, U.S. President, via CNBC

Wall Street’s Reaction to White House Tension

The market responded immediately to the President’s rhetoric. Despite a 5 percent slip in crude prices—driven by hopes that upcoming talks might cool the conflict—shares of the targeted companies fell. Exxon shares traded down 0.7 percent, while Chevron shares dropped 2.2 percent as of 21:15 Swedish time.

Trump Demands Oil Companies Lower Gasoline Prices Amid Surging Costs

The volatility of the energy sector in 2026 is now linked to geopolitical stability in the Middle East. As the U.S. and Israel continue their engagement with Iran, and Tehran retaliates by attempting to choke off shipping traffic through the crucial Strait of Hormuz, the industry’s ability to maintain profits while facing political pressure to lower consumer prices creates a balancing act for executives.

CNBC has reached out to both ExxonMobil and Chevron for comment on the president’s remarks, though the companies’ official responses to the demand for retail price cuts remain pending.