Nicolai Haugsted
Trump’s frustration boils over as oil companies post billions in profits.
Surging oil prices have turned some of the world’s biggest energy companies into major winners, but President Donald Trump now says the industry’s booming profits have gone too far.
Speaking at the White House, Trump accused leading oil producers of cashing in on supply disruptions linked to the ongoing conflict with Iran, arguing that ordinary consumers should not be left paying the price.
Oil prices climbed sharply after the U.S.-Israeli strikes on Iran earlier this year, lifting Brent crude from around $70 per barrel before the conflict to well above $120 at its peak. Although prices have since eased, they remain significantly higher than before the fighting began.
Trump singled out ExxonMobil and Chevron after both companies reported massive quarterly earnings.
“They’re making too much money based on a shortage. I don’t like it,” he said accroding to The Guardian.
He also insisted the companies should lower prices for consumers rather than hold on to record profits.
“Chevron: too much money. ExxonMobil: too much money. They’re going to give some of that back to the public and they better cut the retail price, the consumer price.”
Record-breaking profits
Chevron posted quarterly earnings of $12.2 billion, marking the highest profit in the company’s history and a dramatic increase compared with the same period last year.
ExxonMobil also delivered exceptionally strong results, reporting $14.5 billion in second-quarter profit—its best quarterly performance since the global energy shock that followed Russia’s invasion of Ukraine in 2022.
Across the quarter ending in June, the two U.S. energy giants generated more than $26 billion in combined profits as higher oil prices boosted revenues.
BP also reported a sharp jump in earnings, announcing quarterly profits of $5.7 billion shortly after Trump’s remarks.
Industry defends global pricing
Responding to Trump’s criticism, BP chief executive Meg O’Neill acknowledged that households are facing pressure but argued that oil companies sell into a global market where prices are determined internationally rather than by individual producers.
Environmental groups were far less sympathetic.
Campaigners at climate organization 350.org described the profits as “obscene,” arguing that consumers are being forced to absorb higher energy costs while oil companies benefit from market disruption.
Trump’s criticism comes as energy prices remain a politically sensitive issue ahead of the November midterm elections.
Recent weeks have also seen the president urge fuel retailers to reduce prices and direct the U.S. Department of Justice to investigate potential price gouging within the retail energy sector.
Higher fuel costs have increasingly become a challenge for the administration as elevated prices continue to affect household budgets across the United States.
