Trump Criticizes Exxon and Chevron Over Record Profits, Urges Lower Fuel Prices for Consumers

U.S. President Donald Trump has publicly criticized energy giants ExxonMobil and Chevron for posting massive profits during a period of elevated global oil prices, arguing that American consumers should benefit through lower fuel costs.

Speaking to reporters at the White House on Monday, Trump said the two oil companies had earned excessive profits as a result of supply concerns linked to the conflict involving Iran. While describing himself as a strong supporter of free-market principles, the president insisted that the companies should not capitalize on geopolitical tensions at the expense of consumers.

“They’re making too much money,” Trump said, adding that the profits were largely driven by supply shortages and higher oil prices. He acknowledged that his comments might surprise some, given his long-standing support for free enterprise, but maintained that the current situation warranted concern.

Trump expressed confidence that oil prices would decline significantly once the United States concludes its involvement with Iran-related issues. He argued that the expected drop in crude prices should be reflected in lower prices at the fuel pump, calling on major oil producers to pass the benefits on to the public.

The president specifically named ExxonMobil and Chevron, claiming that some oil companies had generated profits many times higher than in previous years. He suggested that the firms should return some of those gains to consumers by reducing retail fuel prices.

“I’m not happy about it,” Trump said, stressing that oil companies should lower the prices paid by everyday Americans rather than continue to benefit from exceptionally high earnings.

The remarks come as both energy companies report some of their strongest financial performances in years. ExxonMobil announced a second-quarter profit of $14.1 billion in 2026, more than doubling its earnings from the same period a year earlier. Chevron also reported $12 billion in second-quarter profit, marking its highest quarterly earnings in nearly six years.

The surge in profits has been fueled largely by stronger crude oil prices, which have remained elevated amid geopolitical uncertainty and supply concerns related to tensions involving Iran.

Trump’s comments also follow reports highlighting the wider economic impact of the crisis. Earlier, The Wall Street Journal reported that Nigerian billionaire and Dangote Group President, Aliko Dangote, emerged as one of the major beneficiaries of higher global fuel prices resulting from the U.S.-Iran tensions, as refining margins and energy-related revenues strengthened.

With energy prices remaining a major concern for households and businesses, Trump’s remarks underscore growing political pressure on oil producers to balance strong corporate earnings with relief for consumers facing higher fuel costs.