US President Donald Trump has accused oil companies of making “too much money” off higher fuel prices occasioned by the ongoing war with Iran and said the oil giants should “give some of that back to the public,”. Brent crude is currently trading at $83.52 per barrel in Tuesday’s early trading while WTI Crude is at $81.07 per barrel.
Trump specifically expressed his displeasure with Chevron and ExxonMobil saying “They made too much money, too much money. Chevron, too much money. Exxon Mobil, too much. Too much money.
“When you look at one company, where they made 12 times what they made the year before, they’re going to give some of that back to the public, and they better cut the retail price, the consumer price,” He said
Oil multinationals recently reported excellent financials with Chevron reporting its highest quarterly profits in six years in Q2 2026. Chevron reported Q2 2026 earnings of $6.06 per share, while revenue jumped to $70.06 billion (+56.2% Y/Y). The company repurchased $3 billion in shares, paid out $3.5 billion in dividends, and paid down debt by a record $.4 billion during the quarter.
ExxonMobil’s Q2 2026 revenue came in at $116.02 billion, up from $81.51 billion for last year’s corresponding quarter. Net profit was $14.5 billion, climbing to a four-year high driven by high oil prices and tight global supply, while free cash flow came in at $17.2 billion.
