Trump Complains Big Oil Is Making “Too Much Money”

Donald Trump blasted big oil producers, including Exxon Mobil and Chevron, for making “too much money” after the oil majors reported big quarterly earnings during the Iran conflict.

Last week, Chevron reported its highest quarterly profit in six years. Exxon Mobil’s earnings hit a four-year high.

Those big-time earnings came as Team Trump is facing more and more pressure to prove it’s doing all it can to bring down high gas prices before the midterms.

Trump angrily says that big oil companies like Cheron and ExxonMobil are “making too much money … I’m not happy about it” pic.twitter.com/oaN1AxyTvp

— Aaron Rupar (@atrupar) August 3, 2026

Via Politico:

Trump specifically called out the two biggest U.S. oil producers by name after both reported strong earnings on Friday.

“Chevron, too much money. Exxon Mobil, too much, too much money,” Trump said. “They ought to give some of that back to the public, and they better cut the retail price, the consumer price.”

The average U.S. retail gasoline price has hovered near $4.10 a gallon for the past week, up from less than $3 before the United States and Israel launched their attacks against Iran in February.

In late June, Trump ordered the Justice Department to investigate big oil companies for not bringing gasoline prices down fast enough as crude oil prices weakened.

Pump prices are generally set by the retailers, often sole proprietors, who own gas stations, rather than major oil producers.

Read more here.

According to AAA, the national average price per gallon in the U.S. today is $4.08 compared to $3.15 a year ago.