‘Making Too Much Money’: Trump Levels Harsh Criticism At Exxon & Chevron
Donald Trump calls out gas companies by name for their record profits
Donald Trump took aim at Exxon & Chevron this week as he claims the gas corporations are “making too much money.” During a White House press briefing, Trump criticized the oil industry for profiting off of the market disruption from the conflict in Iran. Both Chevron and Exxon posted record profits last week according to The Guardian. BP’s reported profits grew to $5.7 billion last quarter. And Exxon has tacked on $14.5 billion in profit during Q2 2026.
Trump spoke candidly in front of the collected reporters and suggested something truly radical for both of the gas giants. “Chevron: too much money. ExxonMobil: too much money,” Trump mused. “They’re going to give some of that back to the public and they better cut the retail price, the consumer price.”
Crude oil is currently trading at $85 a barrel. That’s down from the $126 high in April of this year. But, still higher than the $70 a barrel oil was sitting at before the conflict grew larger in the middle east. Trump would add, “They’re making too much money based on a shortage. I don’t like it.” Despite these protests, United States oil companies have brought home more than $26 billion since the oil spiked in price.
Trump Think Oil Companies Are Making Too Much After Iran Strikes
Donald Trump has been requesting these pricing breaks for a few months now. On Truth Social, the President dropped a long post about the “gouging” and those comments are popping up again on social media.
“Gasoline Retailers must get their Prices down, IMMEDIATELY! They’re too high considering that Oil is now at $68 a Barrel, and heading south,” Trump began. “The Retailers must quickly react to this statement, and do what they know is right — DROP YOUR PRICE FOR OUR GREAT AMERICAN PEOPLE! There will be no gauging, which is totally illegal.”
“If Retailers don’t do this, big problems lie ahead! Start targeting around the $2.50 a Gallon number, and California should stop charging such heavy Taxes on their Gasoline,” he added. “Soon the Tax will be higher than the Product itself, and the United States will not stand for it, nor will the People of California, who are being abused by these ridiculous Taxes, and by their own Government.”
These gas companies have heard the critiques and seem unlikely to budge. BP executive Meg O’Neill told CNBC this week, “The reality is, we produce a global commodity, and the product we sell hangs off that global commodity price.”
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