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President Donald Trump lashed out at the U.S. oil industry on Monday, arguing that the country’s largest companies should give some of their sharply higher profits to the American public.
“I don’t like it,” Trump told reporters in the Oval Office when asked about the huge earnings reported by ExxonMobil and Chevron last week during the war with Iran.
“They’re making too much money, okay, based on a shortage,” he continued.
“I don’t like it, and I should be the last one to say it because I’m a big free enterprise guy,” he said before adding: “Nobody bigger.”
ExxonMobil had reported earning $14.5 billion in the second quarter of 2026 — double what it made during the same period last year.
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Chevron pulled in $12 billion, posting its highest quarterly earnings in at least six years, according to Reuters.
“Chevron, too much money. ExxonMobil, too much. Too much money,” Trump continued.
“When you look at one company where they made 12 times what they made the year before, they ought to give some of that back to the public, and they better cut the retail price, the consumer price,” Trump added.
“I’ll say it loud and clear. I’m not happy about it,” Trump said before stating that gasoline prices would “drop through the floor” when the war with Iran ended.
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The two sets of earnings came as the Iran war pushed oil prices above $100 a barrel at times.
Oil prices fell again Monday as signs emerged that U.S.-Iran tensions were easing, Reuters reported.
“The sharp drop in oil prices, due to Trump’s cancellation of severe attacks against Iran and hopes of a diplomatic resolution, set the ball rolling this morning,” Peter Cardillo, chief market economist at Spartan Capital Securities in New York, told Reuters.
Earlier Monday, Trump also criticized Chevron CEO Mike Wirth for not crediting Washington’s efforts to help the oil industry.
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The comments came after Wirth’s appearance on “Sunday Morning Futures with Maria Bartiromo.”
“The only thing he conveniently forgot to mention is that, without the genius, foresight, strength, and stability of the TRUMP Administration, the Oil Industry, and our Country itself, would be DEAD!” Trump said in a post on Truth Social.
“As an example, they threw Mike and Chevron out of Venezuela, but now they’re back, far bigger and stronger than ever before, expecting to make a fortune!” he added.
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