President Donald Trump sharply criticized oil giants Exxon and Chevron over blockbuster income they earned partly on account of excessive oil prices as a result of Iran war.
“They’re making an excessive amount of cash,” Trump instructed reporters within the Oval Workplace on Monday, referring to the 2 Texas-based corporations.
Trump urged Exxon and Chevron to slash retail gas costs, accusing them of mountain climbing wartime costs too excessive.
“[It’s] an excessive amount of cash. You are shocked? I am saying it. I am going to say it loud and clear,” the president added.
Donald Trump speaks throughout an government order signing ceremony within the Oval Workplace of the White Home in Washington, DC, Aug. 3, 2026.
Allison Robbert/POOL/EPA/Shutterstock
The Iran struggle, which started with the Feb. 28 assaults on Iran by the U.S. and Israel, triggered a historic oil shortage that despatched petroleum costs hovering and hammered motorists on the pump. These sky-high costs additionally helped some oil corporations document substantial income.
Chevron posted $12 billion in income over three months ending in June, which marked a staggering rise of almost 400% from the identical interval a 12 months earlier, the corporate reported last month.
Exxon, in the meantime, reported quarterly income of $14.5 billion, greater than doubling its efficiency from the identical three months a 12 months earlier, a July earnings report confirmed.
Exxon and Chevron each declined to answer ABC Information’ request for remark about Trump’s remarks.
In final month’s incomes’s report, Exxon appeared to acknowledge a positive pricing surroundings whereas touting the corporate’s efficiency.
“Markets have been supportive, however our efficiency mirrored the power of the portfolio and working mannequin we’ve got constructed over a few years,” stated Darren Woods, Exxon’s chairman and CEO.
“As circumstances modified, we moved merchandise the place they have been wanted, optimized property, and supported clients, leveraging our world built-in portfolio,” Woods added.
An Exxon fuel station brand signal is seen in Chicago, Illinois, United States, on July 25, 2026.
Marcin Golba/NurPhoto by way of Getty Photos
Mike Wirth, chairman and CEO of Chevron, touted the corporate’s efficiency below circumstances marked by “geopolitical uncertainty and market volatility.”
“Chevron’s individuals stay centered on safely delivering dependable vitality the world wants,” Wirth stated within the firm’s most up-to-date earnings report. “Our robust second quarter is a results of disciplined funding and robust execution that drove document U.S. upstream manufacturing, document crude throughput in our U.S. refineries, and distinctive reliability throughout key property.”
The beginning of the Iran struggle prompted Iran’s efficient closure of the Strait of Hormuz, a vital waterway that facilitates the transport of about one-fifth of the worldwide oil provide.
Vessels within the Strait of Hormuz, as seen from Musandam, Oman, August 3, 2026.
Reuters
Brent crude futures, a measure of world oil costs, had soared greater than 60% over pre-war costs by the tip of March, rising as excessive as $119 a barrel. International crude costs fell as little as $86 per barrel in mid-April after an Iranian official stated the nation had opened the Strait of Hormuz.
Over current months, oil costs have swung dramatically in response to on-again, off-again combating and repeated White Home statements that an finish to the struggle was close to, although these costs have largely remained elevated over pre-war ranges.
In June, oil costs briefly fell to their lowest degree since earlier than the struggle on information {that a} preliminary peace settlement had been reached. A resumption of large-scale combating between the U.S. and Iran, nonetheless, forged doubt over the endurance of that deal.
As of Tuesday afternoon, world oil costs stood at $79.40 a barrel, having dropped after Treasury Secretary Scott Bessent instructed CNBC stated there might quickly be a deal to open the Strait.
Oil costs account for a big share of the value of auto gasoline. The typical worth of a gallon of fuel presently stands at $4.08, in accordance with AAA, marking an almost 37% bounce because the Iran struggle started.
