Gasoline pumps stand at a gas station near the highway in Encinitas, Calif., on April 30, 2026. Mike Blake/Reuters
President Donald Trump said on Aug. 3 that oil giants Chevron and ExxonMobil were profiting “too much money” from high oil prices, as the war in Iran caused disruptions to global oil supplies.
“I don’t like it. They’re making too much money based on a shortage,” Trump told reporters at the Oval Office when asked about the companies’ second-quarter earnings.
Chevron posted record second-quarter adjusted earnings of $12 billion on July 31, its highest quarterly profit in six years, while ExxonMobil reported adjusted earnings of $14.7 billion.
“Chevron, too much money. ExxonMobil, too much money,” Trump said. “When you look at one company where they made 12 times what they made the year before. They’re going to give some of that back to the public, and they better cut the retail price, the consumer price.”
This story will be updated with additional details.
