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Trump Attacks Exxon, Chevron for "Too Much Money" as Oil Giants Post Record Windfall Profits

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President Donald Trump on Monday publicly attacked ExxonMobil and Chevron, declaring the two largest U.S. oil companies made "too much money" following the surge in crude prices since the Iran war began five months ago. "They're making too much money based on a shortage," Trump told reporters at the White House. "I don't like it". The remarks came after both companies reported blockbuster second-quarter earnings on Friday. Chevron's profits soared nearly 400% to $12 billion, up from $2.5 billion in the same period last year. Exxon's profits more than doubled to $14.5 billion, compared to $7.1 billion a year earlier. "Chevron, too much money. ExxonMobil, too much money," Trump said. "They're going to give some of that back to the public, and they better cut the retail price, the consumer price". U.S. crude oil prices have gained about 20% since the U.S. and Israel attacked Iran on Feb. 28. Tehran retaliated by choking oil exports through the Strait of Hormuz, triggering what analysts have called the largest supply disruption in history. U.S. oil futures averaged around $92 per barrel from April through June, about 27% higher than the first quarter. Gasoline prices in the U.S. averaged about $4.10 per gallon on Monday, nearly 40% higher compared to $2.98 per gallon on Feb. 27, before the war started. Trump's comments pressured energy stocks already reeling from a sharp drop in crude prices. Chevron shares fell more than 2%, while Exxon traded about 1% lower. Oil stocks were under pressure Monday as crude prices fell about 5% on hopes that U.S.-Iran talks might prevent further escalation. The president's direct confrontation with the oil industry signals potential regulatory or political action against the sector. Trump did not specify what measures he would take if companies refused to lower retail prices. The clash comes as the Federal Reserve struggles with inflation that has exceeded its 2% target for five consecutive years. Higher energy co

Prepared by Christopher Adams and reviewed by editorial team.

Timeline of Events

· On Feb 28, 2026, U.S. and Israel launched massive attack on Iran.
· On Feb 28, 2026, Tehran retaliated by choking Strait of Hormuz oil exports.
· On Feb 27, 2026, U.S. regular gasoline averaged $2.98 per gallon.
· On Apr-Jun 2026, WTI crude averaged $92.45 per barrel, up 27%.
· On Jun 24, 2026, Trump ordered DOJ probe into oil company price gouging.
· On Jul 31, 2026, Exxon and Chevron reported record Q2 2026 earnings.
· On Jul 31, 2026, Chevron CEO Wirth warned global energy markets running out.
· On Aug 2, 2026, oil prices plunged as Trump paused planned Iran strike.
· On Aug 3, 2026, Trump criticized Chevron CEO Wirth on Truth Social.
· On Aug 3, 2026, Trump told reporters oil companies made "too much money."
On Aug 3, 2026, Trump demanded Exxon and Chevron cut retail gasoline prices.
· On Aug 3, 2026, Chevron shares fell nearly 2% after Trump's comments.
· On Aug 3, 2026, WTI crude fell 5.1% to settle at $80.34 per barrel.
· On Aug 3, 2026, national gasoline averaged $4.10 per gallon, per AAA.
· On Aug 3, 2026, Exxon and Chevron did not immediately respond to requests.
· On Aug 3, 2026, API said prices driven by supply and uncertainty.
· On Aug 3, 2026, Trump said oil prices will "drop through the floor" post-Iran.
· On Aug 3, 2026, Trump declared "I'm not happy about it" on profits.
· On Aug 3, 2026, Exxon traded slightly lower after presidential criticism.
· On Aug 3, 2026, gasoline fell to a three-week low amid peace talks.
· Midterm elections may amplify political pressure on gasoline prices.
· Gas prices could remain high through fall due to refining shortages.
· Trump predicted oil prices will collapse when Iran conflict ends.
· Talks to reopen Strait of Hormuz may further depress crude prices.
· Further escalation with Iran could send oil prices sharply higher.

News Intelligence

Immediate US impact: Higher gasoline costs squeeze household budgets nationwide.
Possible long-term US impact: Political and regulatory pressure may reshape oil industry relations.
Most affected groups: American drivers, households, voters, oil industry, and Republican midterm candidates.
What readers should prioritise: Monitor gas stations, crude trends, and midterm election impacts.

Trump Attacks Exxon, Chevron for "Too Much Money" as Oil Giants Post Record Windfall Profits

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