What You Need to Know
• President Donald Trump criticized ExxonMobil and Chevron for their record profits amid high oil prices.
• Chevron reported $12 billion in profits for the three months ending in June, a nearly 400% increase.
• ExxonMobil announced quarterly profits of $14.5 billion, more than double its earnings from the previous year.
President Donald Trump, the 45th President of the United States, expressed strong disapproval of the substantial profits reported by ExxonMobil and Chevron during a press briefing in the Oval Office. He accused the two Texas-based oil companies of exploiting high oil prices, which have surged due to the ongoing Iran war. The conflict, which began with U.S. and Israeli attacks on Iran on February 28, 2026, has resulted in significant oil shortages and increased fuel costs for consumers. Chevron’s profits for the second quarter of 2026 reached $12 billion, while ExxonMobil reported $14.5 billion in quarterly profits, both reflecting dramatic increases from the previous year. Trump urged both companies to reduce retail fuel prices, emphasizing that their profits were excessive.
Why It Matters
The criticism from President Trump highlights ongoing tensions between the U.S. government and major oil companies during a time of geopolitical instability. The Iran war has led to significant fluctuations in oil prices, impacting consumers and the economy. The record profits reported by ExxonMobil and Chevron raise questions about corporate responsibility and pricing practices amid wartime conditions. This situation reflects broader issues surrounding energy markets, supply chain vulnerabilities, and the economic implications of international conflicts on domestic consumers.
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