Iran War Drives Up Oil Prices! Trump Slams Chevron, ExxonMobil for Making 'Too Much Money': Should Lower Prices to Benefit Public

U.S. President Donald Trump said Monday (3rd) that Exxon Mobil (XOM-US) and Chevron (CVX-US) are 'making too much money' as crude oil prices rise due to the Iran war, calling on the two companies to 'return part of their profits to the public'—a stance contrasting with his long-standing support for the oil industry.

Speaking at the White House, Trump told reporters: 'They’re making too much money from supply shortages. I don’t like that.'

Just three days earlier, both companies reported strong second-quarter earnings, with profits surging due to higher oil prices driven by the ongoing Iran conflict: Chevron’s Q2 net income jumped nearly 400% to $12 billion, up from $2.5 billion a year earlier, while ExxonMobil’s profits doubled from $7.1 billion to $14.5 billion.

Trump stated: 'Chevron is making too much. Exxon is making too much. They should give back part of their profits to the people—and preferably by lowering retail prices, the prices consumers pay.'

Trump has long used public pressure to influence corporate behavior, frequently naming companies on social media or during media interviews. During his first term, he urged automakers to keep production in the U.S., criticized defense contractors for excessive costs, and pushed pharmaceutical companies to lower drug prices.

Since returning to the White House, Trump has continued this approach, using the influence of the presidency—rather than formal government measures—to sway corporate decisions.

Trump also criticized Chevron CEO Mike Wirth for failing to acknowledge the Trump administration’s support for the oil industry during a recent Fox News interview. On Truth Social, he posted: 'The only thing he deliberately ignored was that without the wisdom, foresight, strength, and stability of the Trump Administration, the oil industry—and indeed all of America—would be destroyed!'

Trump added: 'They once kicked Mike and Chevron out of Venezuela, but now they’re back, bigger and stronger than ever, and expected to make a fortune.'

Chevron has operated in Venezuela for over 100 years. When former President Hugo Chavez pushed for oil industry nationalization in 2007, Chevron chose to stay; ExxonMobil and ConocoPhillips exited the Venezuelan market.

Chevron shares traded lower on Monday, closing down 1.85%, while ExxonMobil also fell 0.24%. However, both oil giants were already on a downward trend before Trump’s remarks, as international oil prices dropped about 5% on Monday following Trump’s weekend decision to cancel a planned 'major attack' on Iran.

Rising gasoline prices due to the Iran conflict, along with increasing living costs, have become a political risk for Trump ahead of the November midterm elections, as Republicans strive to maintain control of Congress. The national average gasoline price is currently around $4.10 per gallon, up more than 30% from levels before the U.S. and Israel launched attacks on Iran earlier this year.

Compared to international oil prices, gas station prices typically react more slowly, meaning the weekend’s price drop may not immediately translate into lower pump prices.