President Donald Trump fiercely criticized major U.S. oil companies after they posted record profits amid oil shortages caused by the Iran war. He said these companies are making "excessive" profits off the public's hardship and called for immediate retail price cuts and returning some profits to the public. Meanwhile, U.S. gasoline prices have risen more than 37% since the war began.
President Donald Trump expressed strong dissatisfaction with the enormous profits of global energy companies, stating in the White House office, "I don't like it at all. They are making too much profit from the shortage." He emphasized that although he has always supported free-market economics and the private sector, the profits of giants like ExxonMobil and Chevron this time are excessive.
This criticism came after the two energy giants reported their second-quarter 2026 earnings, with ExxonMobil's profit more than doubling to $14.5 billion, while Chevron earned $12.1 billion—over five times their profits from the same period last year and the highest quarterly profits in six years for both companies.
The main factor driving these record profits is the war in Iran, which began in late February after actions by the U.S. and Israel. The clashes and Iranian responses affected the Persian Gulf region and closed transport routes through the Strait of Hormuz, pushing global crude oil prices above $100 per barrel at times and driving average U.S. gasoline prices up more than 37% to a peak of $4.56 per gallon in spring.
The issue of high oil prices has become a significant political vulnerability for Trump and the Republican Party, as Democrats seek to use the cost-of-living issue to regain a majority in Congress in the November midterm elections.
Back in June, Trump threatened legal action against oil companies and instructed the Department of Justice to investigate allegations of "price gouging" consumers, since crude oil prices had started to decline but retail pump prices remained high.
Additionally, Trump posted on Truth Social criticizing Chevron Chairman and CEO Mike Wirth for appearing on television to discuss the company's success. Trump said, "The only thing he forgot to mention was that without the sharpness, broad vision, strength, and stability of the Trump administration, the oil industry and our country would have died." He cited Chevron’s expulsion from Venezuela, noting his government helped Chevron return and expand its business, generating massive revenue again.
Trump concluded by urging oil companies to quickly reduce retail prices for consumers and predicted pump prices will drop sharply once the Iran mission ends. Currently, the average U.S. gasoline price is about $4.09 per gallon, nearly $1 higher than the same time last year.