Trump oil profits criticism has escalated after Donald Trump accused ExxonMobil and Chevron of “making too much money” from the energy market disruption caused by his war on Iran.
Speaking at the White House on Monday evening, the US president said the oil giants should “give some of that back to the public” and cut retail prices immediately.
“They’re making too much money based on a shortage,” Trump told reporters. “I don’t like it.”
His comments came hours before BP reported that profits had more than doubled to $5.7bn in the last quarter.
The outburst reflects growing political pressure as US gasoline prices remain high despite falling crude costs.
ExxonMobil Chevron Windfall Fuels Price Anger
The ExxonMobil Chevron windfall dominated last week’s earnings season, with both companies reporting record quarterly results.
Chevron posted its highest ever quarterly profit of $12.2bn, a fivefold increase on the same period last year.
ExxonMobil reported $14.5bn for the second quarter, double last year’s figure and its best result since Russia’s 2022 invasion of Ukraine.
Together, the two US oil majors made more than $26bn in the three months to the end of June.
Trump singled them out by name. “Chevron: too much money. ExxonMobil: too much money,” he said.
“They’re going to give some of that back to the public and they better cut the retail price, the consumer price.”
Brent crude traded around $70 a barrel before US-Israeli strikes on Iran at the end of February.
By the end of April it had surged to $126, and is now trading at about $85 a barrel.
Iran War Oil Prices Push Gasoline Higher
The spike is directly linked to Iran war oil prices, which jumped as markets priced in risks to the Strait of Hormuz.
Trump told journalists that prices should have fallen further after June peace talks with Tehran.
“Oil prices have come down so much and we are not seeing anything at the pump by comparison the way they should be,” he said in the Oval Office.
He argued petrol should be $2.25 a gallon, not the current US average of $4.11, according to AAA data.
“Gasoline Retailers must get their Prices down, IMMEDIATELY,” he wrote on Truth Social in late June. “If Retailers don’t do this, big problems lie ahead!”
The administration has also ordered the justice department to investigate potential price gouging in the retail energy sector.
BP chief executive Meg O’Neill responded to Trump’s comments in an interview with CNBC.
“The reality is, we produce a global commodity, and the product we sell hangs off that global commodity price,” she said.
She added that she understood the pressure on households facing higher bills.
Climate campaigners were less diplomatic. Clémence Dubois of http://350.org called the profits “obscene.”
“Chevron and Exxon are profiteering from a model of distraction, leaving ordinary people to pay the price with higher bills,” she said. “These profits feel almost criminal.”
The political timing is significant. Trump is nearing November midterm elections with flagging approval ratings.
Energy costs remain a top voter concern, and the White House is keen to be seen acting.
Analysts note that oil companies are legally selling a global commodity priced on international markets.
But the optics of record profits during a conflict have given Trump ammunition to demand corporate concessions.
The president has repeatedly ruled out an oil export ban, but officials say it could be revisited if pump prices keep rising.
Export restrictions would likely anger producers but could bring domestic fuel costs down.
For now, the administration is leaning on public pressure and investigations instead.
The energy market remains volatile. Any new escalation with Iran could push crude back above $100.
That would further squeeze consumers and complicate Trump’s economic messaging.
Oil traders are watching closely for signs of renewed strikes or diplomatic breakthroughs.
A de-escalation in late July briefly sent prices tumbling and boosted European markets.
But the underlying risk premium remains because Hormuz carries a fifth of the world’s oil.
BP’s $5.7bn profit adds a third major to the list of companies facing political scrutiny.
The UK-based firm said higher prices and trading gains drove the jump.
Norway’s state oil company also doubled profits to $11.5bn amid the same market conditions.
The pattern is global: war fears equal higher margins for producers.
Consumers, however, see only the bill at the pump.
That disconnect is what Trump is trying to exploit.
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He wants oil firms to voluntarily cut prices to avoid legislation or export curbs.
Industry executives argue that would distort markets and reduce investment.
The standoff sets up a clash between populist politics and free-market economics.
Trump has framed it as fairness. “They better cut,” he warned.
Exxon and Chevron have not publicly responded to the demand to “give back” profits.
Privately, lobbyists are pushing back, saying taxes and dividends already return money to Americans.
But with elections looming, the White House may not wait for voluntary action.
The justice department probe into retail pricing could lead to fines or new regulations.
That would mark a rare intervention by a Republican administration into private pricing.
For voters, the key metric remains the $4.11 average at the pump.
Until that falls, Trump oil profits complaints will likely continue.
The president has tied his political fortunes to cheaper energy.
Whether oil companies comply, or Washington forces their hand, will shape the next few months.
As O’Neill noted, the market sets the price. But politics may now try to override it.
