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

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