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Gas prices have climbed nearly 40% since the U.S.-Iran war began in February, but President Trump is not pointing the finger at Iran, OPEC, or global markets. He is pointing it at Exxon and Chevron. Standing in the Oval Office on August 3, Trump accused the two oil giants of pocketing billions in wartime profits while ordinary Americans struggle to fill their tanks.
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Exxon’s Profits More Than Doubled to $14.5 Billion
The numbers behind Trump’s anger are staggering. ExxonMobil reported $14.5 billion in second-quarter profit, more than double the $7.1 billion it earned during the same period in 2025. Chevron’s earnings jumped even further, soaring nearly 400% to $12 billion from just $2.5 billion a year earlier. Together, the two companies booked over $26 billion in three months.
“They’re Making Too Much Money Based on a Shortage”
Trump did not soften his words. “They’re making too much money based on a shortage,” he told reporters, adding, “I don’t like it.” He named the companies directly: “Chevron, too much money. ExxonMobil, too much. Too much money.” Then he issued a demand rarely heard from a Republican president toward private industry: hand some of it back to the public and lower prices at the pump immediately.
“I’m a Big Free Enterprise Guy, Nobody Bigger”
The criticism carries an odd tension. Trump, a longtime champion of deregulation and low corporate taxes, acknowledged the awkwardness himself. “I should be the last one to say it because I’m a big free enterprise guy, nobody bigger,” he said. Yet he pressed on anyway, framing the companies’ earnings as unjustified given the circumstances driving them. His next line left no doubt he meant every word.
“You Surprised I’m Saying It? I’ll Say It Loud and Clear”
Trump seemed to anticipate the surprise his comments would generate. “You surprised I’m saying it?” he asked. “I’ll say it loud and clear. I’m not happy about it.” The remarks marked one of the sharpest public rebukes of the oil industry by a sitting Republican president in years, and they came at a moment when gas prices were becoming an increasingly urgent political problem for his party.
A War That Sent Oil Prices Soaring
The profits Trump is criticizing trace directly back to the conflict he oversaw. Since the U.S. and Israel struck Iran on February 28, crude prices have climbed roughly 20%, and Iran’s retaliation against shipping through the Strait of Hormuz triggered what analysts are calling the largest oil supply disruption on record. The average price of gasoline nationwide hit $4.10 a gallon on August 3, up from $2.98 before the war began.
Oil Industry Pushes Back on Trump’s Framing
The American Petroleum Institute, which represents Exxon, Chevron, and other major producers, defended the companies while claiming to share Trump’s goal. Spokeswoman Andrew Woods said today’s higher prices are “driven by global supply, demand and continued uncertainty around the Strait of Hormuz and other critical shipping lanes, not by any one company.” The industry group stopped short of addressing Trump’s call for the companies to cut prices or return profits.
An Unlikely Echo of Biden-Era Attacks on Big Oil
Trump’s rhetoric mirrors arguments Democrats have made for years. During his presidency, Joe Biden suggested oil companies might be engaging in “illegal conduct” by keeping prices high during the COVID-19 pandemic, even as the industry posted record profits in 2022. Trump, who has spent much of his career opposing that kind of corporate criticism, is now using nearly identical language against the same companies.
A Justice Department Investigation Is Already Underway
Trump’s frustration is not new. In June, he directed the Justice Department to investigate whether oil companies were engaging in price gouging by failing to lower gas prices at the pump. He has repeatedly predicted that prices will fall sharply once the war with Iran ends, telling reporters, “When we’re finished with Iran, you’re going to see oil prices drop through the floor.” For now, drivers are still waiting.
The Gap Between Wartime Profits and Pump Prices
Trump’s comments expose a widening rift between record oil company earnings and the prices Americans pay for gas, one his own administration’s war has helped create. Whether Exxon and Chevron respond to his pressure remains an open question, but the political stakes are already clear. With gas prices near historic highs heading into a critical election season, the president has staked his credibility on a promise that relief is coming, and voters will be watching to see if it does.