Trump says Chevron, Exxon Mobil making ‘too much money’ amid Iran war
President Donald Trump expressed his dissatisfaction with oil giants Chevron and Exxon Mobil for earning excessive profits during the second quarter,especially as the White House deals with complaints about rising gas prices amid the Iran conflict. Trump criticized their profits, citing a shortage as the reason and emphasizing his free enterprise stance. He predicted that, once issues with Iran are resolved, consumer gas prices would drop considerably. Currently, the national average gas price is $4.10 per gallon,up from previous months. Both Chevron and Exxon Mobil saw considerable profit increases-Chevron’s net income nearly quadrupled to $12.2 billion, and Exxon Mobil’s profits more than doubled to about $14.5 billion. The surge in profits is partly attributed to the reduced refining capacity in the Middle East, with these companies operating their refineries near maximum capacity.
President Donald Trump expressed his displeasure with Chevron and Exxon Mobil for raking in “too much” profit during the second quarter of this year as the White House grapples with complaints about gas prices amid the war with Iran.
“Based on a shortage, they’re making too much money,” Trump told reporters in the Oval Office on Monday. “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.”
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Fewer than 100 days before November’s midterm elections, Trump repeated his promise when he and his administration were “finished with Iran” consumers will “see the prices drop through the floor.”
“They’ve got to give some of that back to the public, and they better cut the retail price, the consumer price. Too much money.” he said. “You’re surprised I’m saying it? I’ll say it loud and clear. I’m not happy about it.”
Monday’s national regular gas price average per gallon was $4.10, an increase from $3.82 a month ago and $3.15 from a year ago, according to AAA.
Chevron’s net income increased to $12.2 billion in the three months that ended on June 30, an almost 400% rise compared to the same period last year, when the company reported $2.5 billion in profits.
Exxon Mobil recorded a similar increase in profits for the quarter at about $14.5 billion, more than double from the $7.1 billion reported in the second quarter of 2025.
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The oil companies’ profits are being increased due, in part, to the Middle East’s refining capacity being displaced, with Chevron and Exxon Mobil running their refineries close to their maximum capacity.
Callie Patteson and Maydeen Merino contributed to this report.
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