Trump Criticizes ExxonMobil, Chevron for Windfall Profits Amid Iran Conflict

President Donald Trump criticized the nation's two largest oil companies, accusing ExxonMobil and Chevron of earning excessive profits as crude oil prices remained elevated during the U.S. conflict with Iran, Joey Garrison reported for USA Today.

The Chevron headquarters as oil prices remain elevated amid tensions involving Iran. [Photo: Jonathan McIntosh Flickr]

"They're making too much money based on a shortage," Trump said during Aug. 3 remarks from 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."

ExxonMobil and Chevron last week reported strong second-quarter earnings driven by higher oil prices. ExxonMobil posted a profit of $14.5 billion for the April-to-June period, up from $7.1 billion a year earlier.

Chevron reported $12 billion in second-quarter earnings, a 380% increase from $2.5 billion during the same period in 2025.

Higher gasoline prices linked to the Iran conflict pose political risks for Trump and Republicans as they seek to retain congressional majorities in the House and Senate.

The American Petroleum Institute (API), which represents the U.S. oil and gas industry, said it shares Trump's goal of providing "affordable, reliable energy for consumers" but defended the companies' earnings.

"Today's higher prices are driven by global supply, demand and continued uncertainty around the Strait of Hormuz and other critical shipping lanes—not by any one company," API spokesman Andrew Woods said.