Trump slams Exxon, Chevron over $26.5B oil profits

President Donald Trump called on ExxonMobil and Chevron to cut US fuel prices after the oil majors earned roughly $26.5 billion combined during the second quarter. Summary ExxonMobil earned $14.5 billion, more than double its profit from the same quarter last year. Chevron posted $12.1 billion in earnings, nearly five times its year-ago result. Trump said the companies were making “too much money” from an oil shortage. US gasoline prices have risen more than 30% since the Iran war began. Trump demands lower fuel prices Trump criticized ExxonMobil and Chevron at the White House on Monday, arguing that supply pressure linked to the Iran war had allowed the companies to earn excessive profits. “They’re making too much money based on a shortage,” Trump told reporters. “I don’t like it.” President Trump says that despite high oil prices, companies like Chevron and Exxon Mobil are making "too much money," amid the U.S. — Iran war: "I don't like it… They ought to give some of that back to the public." pic.twitter.com/pcYg3BlsRf— CSPAN (@cspan) August 3, 2026 The president urged both companies to pass part of their gains back to consumers through lower retail prices. “Chevron, too much mon...