Donald Trump criticised oil companies in the United States for earning “too much money” amid disruptions in global energy markets that he linked to his war on Iran.

Brent crude traded at about $70 a barrel before the first US-Israeli strikes at the end of February. By the end of April, it had risen to as high as $126 and was later trading around $85 a barrel, according to market pricing cited in the report. Trump said the higher prices had translated into windfall profits for major producers.

Trump Targets ExxonMobil And Chevron

Speaking to reporters at the White House on Monday evening, Trump said he did not like what he described as excessive earnings driven by a shortage.

He specifically took aim at profits reported by ExxonMobil and Chevron last week, warning that the companies should “give some of that back to the public”. He added: “They’re making too much money based on a shortage.”

The remarks came hours before BP said its profits had doubled in the last quarter to $5.7bn.

Higher Earnings Follow Market Disruption

Trump’s comments centred on a three-month period ending in June in which US oil companies reported combined profits of more than $26bn. The figures were linked to the energy market disruption sparked by the US conflict with Iran, as described in the source.

Chevron reported what it said was its highest ever quarterly profit, at $12.2bn, up fivefold compared with the same period a year earlier. ExxonMobil reported second-quarter profit of $14.5bn, double its figure for the same period last year and its highest quarterly profit since Russia’s 2022 invasion of Ukraine.

Trump said: “Chevron, too much money. ExxonMobil, too much money.” He added that retailers should cut prices for consumers, telling journalists the companies should lower both retail and consumer prices.

Companies Face Political And Public Pressure

When asked about Trump’s comments, BP chief executive Meg O’Neill told CNBC that she understood pressures on households. She said that the company produces a global commodity and the price of what it sells is tied to wider global commodity pricing.

Climate campaigners also criticised the sector’s earnings. Clémence Dubois, a campaigns director at international environmental group 350.org, said Chevron and Exxon were “profiteering” and argued that ordinary people faced higher bills and impacts including major fires. She described the profits as “almost criminal”.

The White House criticism follows weeks in which Trump warned energy retailers to reduce prices as he prepares for the November midterm elections amid flagging approval ratings. In late June, he urged action on his Truth Social platform, writing that gasoline retailers had to bring prices down “IMMEDIATELY” or face “big problems”.

Pump Prices And Iran Peace Talks

Trump also argued that petrol prices should have fallen in line with changes in oil and gas prices during the administration’s June peace talks with Iran. He said the fall in oil prices should have resulted in petrol dropping to $2.25 a gallon.

According to data from the AAA motoring group, US gasoline prices average $4.11 a gallon.

The administration has said it has no plans to introduce an export ban on oil or petroleum products. Some analysts, however, say that position could change if prices at the pump continue to rise.

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4 August 2026

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Is this guy an idiot or what?

First he starts conflict with major oil suppliers (Venezuela and Iran), now he's complaining that US oil companies are profiting too much from his forays. I would have thought he would have been happy to see all the extra revenue the government is collecting in tax. That’s the irony laid bare.

Trump’s actions drive Brent crude from $70 to $126, then he scolds ExxonMobil and Chevron for reporting record earnings. He frames it as “too much money based on a shortage,” but the shortage is a direct product of his own Iran policy.

Demanding companies “give some back” to the public sounds populist and I'm sure the MAGAts will lap it up, yet the government itself is pocketing billions in extra tax revenue from the very companies he's publicly pillorying!

Lots of taxes collected from the oil companies huge earnings. Trump should provide gas subsidies to the people like he did for the farmers.

This incredible lack of self awareness should be MORE than enough to invoke the 25th. I truly believe politicians on both sides are making too much money under the table to actually do anything about him.

49 minutes ago, Jim Waldron said:

Demanding companies “give some back” to the public sounds populist and I'm sure the MAGAts will lap it up

When will he and his family/acolytes "give some back"?

Trump is always looking out for the little guy. What a guy.

15 hours ago, HappyExpat57 said:

This incredible lack of self awareness should be MORE than enough to invoke the 25th. I truly believe politicians on both sides are making too much money under the table to actually do anything about him.

Naa it’s just lip service…..he gave these profiteers access to our parks stripped laws off the books protecting our environment ect…ect…Naa it’s just more sound from his mouth means nothing zero zip nada…with trump look to the deeds not his words.

By which he means they should be handing him a share of their profits.

Trump is probably angry that the oil companies are making more money than he is.

Oil companies are profiting from the Iran war and all Trump did was just lip service. He should endorse the Windfall Profits Tax with the proceeds distributed back to the working families to ease the energy burden. Trump is beholden to big oil who donated massively to him and will not dare to be too harsh on them. He has little concern for the people hardship.

17 hours ago, webfact said:

Donald Trump criticised oil companies in the United States for earning “too much money” amid disruptions in global energy markets that he linked to his war on Iran.

But let's put aside the Trump government has generated over $13 billion from the sale of Venezuelan crude oil following a direct military intervention in January 2026. Apparently managed initially by Marco Rubio.

President Donald Trump has stated that the oil revenue has "paid for that war many times over", but use of the billions remains unknown.

Proceeds were initially routed through a U.S.-controlled account in Qatar, but are now held in a audited, dedicated Trump government Treasury account. Slush fund anyone?

17 hours ago, webfact said:

oil companies in the United States for earning “too much money”

Trump passed major legislative packages like the One Big Beautiful Bill Act which handed an estimated $14 billion to $18 billion in tax breaks and carbon-capture technology subsidies specifically to oil and gas companies.

Since the garbage man is their lap dog you know that this is nothing but hyperbole meant to appease a disaffected public. Trump is the giant corporations best friend, always has been and always will be. The idea of him being on the side of the consumer is actually quite hysterical and incredibly false and naive.

2 hours ago, Srikcir said:

But let's put aside the Trump government has generated over $13 billion from the sale of Venezuelan crude oil following a direct military intervention in January 2026. Apparently managed initially by Marco Rubio.

President Donald Trump has stated that the oil revenue has "paid for that war many times over", but use of the billions remains unknown.

Proceeds were initially routed through a U.S.-controlled account in Qatar, but are now held in a audited, dedicated Trump government Treasury account. Slush fund anyone?

Per Google/AI:

The Accounting Gap: While the administration states the revenues are deposited into specific accounts (such as at Citibank) and audited by KPMG, public tracking managed by Caracas has only explicitly logged a single transfer of $300 million.

But as long as they are working on releasing the rest of the Epstein files, this is an acceptable quid pro quo, yes?

18 hours ago, scottiejohn said:

When will he and his family/acolytes "give some back"?

Judging by his current stint as US president, and earning/grifting billions of dollars off of that, I'd say never. Trump is the poster boy of cheapskates.

And apropos of nothing, just to highlight the economic genius of Donald Trump and his clown car cabinet: big companies like Apple, Walmart, Amazon and such are getting hundreds of millions of dollars, some even billions of dollars, as a refund because of the tariffs they had to pay. Tariffs that were imposed by Trump. And tariffs that were for the most part ultimately paid by the American consumer. So this a double whammy for those big companies, and a big middle finger to the American consumer.

The conman created the oil shortage himself. Why does he complain?

7 minutes ago, JJ-Thailand said:

The conman created the oil shortage himself. Why does he complain?

I guess he is panicking about the midterms and the impact the gas price at the pump will have.

He was all excited at first at the thought of the oil companies raking it in......but with rocket and feather pricing and Iran's desire to drag the war out until November......he now recognises he's in trouble.

Trump manipulating the market every day for his own and his family's/friend's benefit. He'll buy oil futures as soon as he's decided on another wave of Iran attacks. Meanwhile, he's destroying the dollar as fast as he can. It's cratered against the Thai baht since Trump decided to prop up the Japanese yen at the expense of the dollar. As I've said since 2016, this guy is an enemy of expats and their financial security.

When asked about Trump’s comments, BP chief executive Meg O’Neill told CNBC that she understood pressures on households. She said that the company produces a global commodity and the price of what it sells is tied to wider global commodity pricing.

Right, so the structural cost of pumping oil remans relatively unchanged for these major oil companies operating outside the Iran conflict zone, yet due to the shortage created by Trump's war on Iran the global price has rocketed.

Excuse my ignorance here, perhaps someone can fil me in, why doesn't the price fall, as the oil companies in the ideal capitalist scenario compete with each other to sell the oil cheaper as their costs remain the same?

Is there an agreed monopoly, too few companies for any real competition, prices fixed in advance?

After earnings announcements came out and the financial press started beating this drum, The Mad King jumps in to join the populists bandwagon. Midterms are coming you know.

I didn’t hear him or his family complaining as they profited from their stock market manipulation and insider trading.

Cry me a River, Donnie.

On 8/5/2026 at 4:27 PM, bannork said:

Is there an agreed monopoly, too few companies for any real competition, prices fixed in advance?

Yes from the very onset, its called OPEC who can slow and ramp up production as they wish to manipulate the price.

They already have pipelines to bypass the Strait of Hormus just depends on whether the pipelines can carry enough

In every oil crisis over the last 50 years oil has never run out but consumers actions have always created the problems.

if i had people queuing at the pumps needlessly like sheep I'd put the price up too

On 8/5/2026 at 6:30 AM, HappyExpat57 said:

But let's put aside the Trump government has generated over $13 billion from the sale of Venezuelan crude oil

What is your point? that money is supposedly the property of the venezuelan government but i have no doubt war criminal Trump has already made plans to steal it, if not already.

2 hours ago, Dene16 said:

Yes from the very onset, its called OPEC who can slow and ramp up production as they wish to manipulate the price.

They already have pipelines to bypass the Strait of Hormus just depends on whether the pipelines can carry enough

In every oil crisis over the last 50 years oil has never run out but consumers actions have always created the problems.

if i had people queuing at the pumps needlessly like sheep I'd put the price up too

What is your point? that money is supposedly the property of the venezuelan government but i have no doubt war criminal Trump has already made plans to steal it, if not already.

I was thinking about collusion regarding the price between the oil companies, rather than OPEC.

With so few major companies I guess it would be easy to come to some agreement

1 hour ago, bannork said:

I was thinking about collusion regarding the price between the oil companies, rather than OPEC.

With so few major companies I guess it would be easy to come to some agreement

I realised what you meant but everyone along the chain will take their cut and a bit more blaming it on the price of a barrel of fuel when for many companies the extra cost is minimal. It is always the self employed or individuals that end up bearing the biggest cost

Total fuel tax in the UK is over 54%. Governments are making huge amounts of money themselves.

I know US is only 10-20% but that's not the case for many countries