{"id":27988,"date":"2026-08-05T01:48:30","date_gmt":"2026-08-04T20:48:30","guid":{"rendered":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/?p=27988"},"modified":"2026-08-05T01:48:30","modified_gmt":"2026-08-04T20:48:30","slug":"trump-says-exxon-and-chevron-are-making-too-much-money-on-high-oil-prices-amid-iran-war","status":"publish","type":"post","link":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/?p=27988","title":{"rendered":"Trump says Exxon and Chevron are &#8216;making too much money&#8217; on high oil prices amid Iran war"},"content":{"rendered":"<p><script>\r\n  atOptions = {\r\n    'key' : '644b717812d811d6a1c1fc5b6ccd6fa6',\r\n    'format' : 'iframe',\r\n    'height' : 90,\r\n    'width' : 728,\r\n    'params' : {}\r\n  };\r\n<\/script>\r\n<script src=\"https:\/\/www.highperformanceformat.com\/644b717812d811d6a1c1fc5b6ccd6fa6\/invoke.js\"><\/script>\r\n<br \/>\n<\/p>\n<div xmlns:default=\"http:\/\/www.w3.org\/2000\/svg\" data-testid=\"prism-article-body\">\n<p class=\"EkqkG IGXmU nlgHS yuUao MvWXB TjIXL aGjvy ebVHC \">President Donald Trump sharply criticized oil giants Exxon and Chevron over blockbuster profits they earned in part as a result of high <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE \" data-testid=\"prism-linkbase\" href=\"https:\/\/abcnews.com\/Business\/oil-prices-surge-after-trump-vows-retaliation-iranian\/story?id=135185546\" target=\"_blank\" dir=\"ltr\">oil prices<\/a> due to the <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE \" data-testid=\"prism-linkbase\" href=\"https:\/\/abcnews.com\/International\/live-updates\/iran-live-updates-trump-deal-imminent-iran-oman\/?id=135317231\" target=\"_blank\" dir=\"ltr\">Iran war<\/a>.<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">&#8220;They&#8217;re making too much money,&#8221; Trump told reporters in the Oval Office on Monday, referring to the two Texas-based companies.<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">Trump urged Exxon and Chevron to slash retail fuel prices, accusing them of hiking wartime prices too high.<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">&#8220;[It&#8217;s] too much money. You&#8217;re surprised? I&#8217;m saying it. I&#8217;ll say it loud and clear,&#8221; the president added.<\/p>\n<div class=\"oLzSq QrHMO fnRUo pvsTF EhJPu vPlOC zNYgW OsTsW RMeqy daRVX ISNQ sKyCY eRftA acPPc MENS nFwaT MCnQE mEeeY SmBjI xegrY rPLsU iulOd NIuqO zzscu lzDCc aHUBM IEgzD OjMNy eQqcx SVqKB GQmdz jaoD VWDdR ONJdw vrZxD OnRTz gbbfF roDbV GPGwb oMlSS gfNzt oJhud eXZcf zhVlX \">\n<div>\n<div class=\"InlineImage GpQCA lZur asrEW \" data-testid=\"prism-inline-image\">\n<figure class=\"kzIjN GNmeK pYrtp dSqFO \" data-testid=\"prism-figure\">\n<div class=\"GpQCA lZur gIjeL \" data-testid=\"prism-ratio-frame\">\n<div class=\"FvQLF iLTd NqeUA UzzHi iWsMV \"><picture data-testid=\"prism-picture\"><source media=\"(max-width: 414px)\" srcset=\"https:\/\/i.abcnewsfe.com\/a\/00382f8d-8264-4238-bff7-d77f5c53b5ef\/donald-trump-epa-jef-260804_1785854905212_hpMain.jpg?w=375, https:\/\/i.abcnewsfe.com\/a\/00382f8d-8264-4238-bff7-d77f5c53b5ef\/donald-trump-epa-jef-260804_1785854905212_hpMain.jpg?w=750 2x\"\/><source media=\"(min-width: 415px)\" srcset=\"https:\/\/i.abcnewsfe.com\/a\/00382f8d-8264-4238-bff7-d77f5c53b5ef\/donald-trump-epa-jef-260804_1785854905212_hpMain.jpg?w=750, https:\/\/i.abcnewsfe.com\/a\/00382f8d-8264-4238-bff7-d77f5c53b5ef\/donald-trump-epa-jef-260804_1785854905212_hpMain.jpg?w=1500 2x\"\/><img decoding=\"async\" alt=\"\" class=\"hsDdd NDJZt sJeUN IJwXl vBqtr KrDt itslR SjwtZ hakZw HlUVI \" data-testid=\"prism-image\" draggable=\"false\" loading=\"lazy\" src=\"https:\/\/i.abcnewsfe.com\/a\/00382f8d-8264-4238-bff7-d77f5c53b5ef\/donald-trump-epa-jef-260804_1785854905212_hpMain.jpg\"\/><\/picture><\/div>\n<\/div><figcaption>\n<div class=\"nMMea bNYiy Mjgpa dGwha DDmxa jgKNG RGHCC aBIU PriDW aiQHS lZur \" data-testid=\"prism-caption\">\n<p><span class=\"hsDdd OOSI GpQCA lZur VlFaz \" data-testid=\"prism-truncate\"><span><span class=\"gtOSm FbbUW tUtYa vOCwz EQwFq yCufu eEak Qmvg nyTIa SRXVc vzLa jgBfc WXDas CiUCW kqbG zrdEG txGfn ygKVe BbezD UOtxr CVfpq xijV soGRS XgdC sEIlf daWqJ \">Donald Trump speaks during an executive order signing ceremony in the Oval Office of the White House in Washington, DC, Aug. 3, 2026.<\/span><\/span><\/span><\/p>\n<p><span class=\"gtOSm FbbUW tUtYa vOCwz EQwFq yCufu eEak Qmvg nyTIa SRXVc vzLa jgBfc WXDas CiUCW kqbG zrdEG txGfn ygKVe BbezD UOtxr CVfpq xijV soGRS XgdC sEIlf daWqJ YNujN JGtjI aZFDu rkKLh \">Allison Robbert\/POOL\/EPA\/Shutterstock<\/span><\/p>\n<\/div>\n<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">The Iran war, which began with the Feb. 28 attacks on Iran by the U.S. and Israel, triggered a historic <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE \" data-testid=\"prism-linkbase\" href=\"https:\/\/abcnews.com\/Business\/iran-war-triggered-severe-oil-supply-shock-history\/story?id=132024753\" target=\"_blank\" dir=\"ltr\">oil shortage<\/a> that sent petroleum prices soaring and hammered motorists at the pump. Those sky-high prices also helped some oil companies record substantial profits.<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">Chevron posted $12 billion in profits over three months ending in June, which marked a staggering rise of nearly 400% from the same period a year earlier, the company <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE \" data-testid=\"prism-linkbase\" href=\"https:\/\/chevroncorp.gcs-web.com\/news-releases\/news-release-details\/chevron-reports-second-quarter-2026-results\" target=\"_blank\" dir=\"ltr\">reported last month<\/a>.<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">Exxon, meanwhile, reported quarterly profits of $14.5 billion, more than doubling its performance from the same three months a year earlier, a July <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE \" data-testid=\"prism-linkbase\" href=\"https:\/\/d1io3yog0oux5.cloudfront.net\/_55704c4ee6852b9cf6b429f8739e7257\/exxonmobil\/db\/2288\/22701\/earnings_release\/2Q26+Earnings+Release+Website.pdf\" target=\"_blank\" dir=\"ltr\">earnings report<\/a> showed.<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">Exxon and Chevron both declined to respond to ABC News&#8217; request for comment about Trump&#8217;s remarks.<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">In last month&#8217;s earning&#8217;s report, Exxon appeared to acknowledge a favorable pricing environment while touting the company&#8217;s performance.<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">\u201cMarkets were supportive, but our performance reflected the strength of the portfolio and operating model we have built over many years,&#8221; said Darren Woods, Exxon&#8217;s chairman and CEO.<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">&#8220;As conditions changed, we moved products where they were needed, optimized assets, and supported customers, leveraging our global integrated portfolio,&#8221; Woods added.<\/p>\n<div class=\"oLzSq QrHMO fnRUo pvsTF EhJPu vPlOC zNYgW OsTsW RMeqy daRVX ISNQ sKyCY eRftA acPPc MENS nFwaT MCnQE mEeeY SmBjI xegrY rPLsU iulOd NIuqO zzscu lzDCc aHUBM IEgzD OjMNy eQqcx SVqKB GQmdz jaoD VWDdR ONJdw vrZxD OnRTz gbbfF roDbV GPGwb oMlSS gfNzt oJhud eXZcf zhVlX \">\n<div>\n<div class=\"InlineImage GpQCA lZur asrEW \" data-testid=\"prism-inline-image\">\n<figure class=\"kzIjN GNmeK pYrtp dSqFO \" data-testid=\"prism-figure\">\n<div class=\"GpQCA lZur gIjeL \" data-testid=\"prism-ratio-frame\">\n<div class=\"FvQLF iLTd NqeUA UzzHi iWsMV \"><picture data-testid=\"prism-picture\"><source media=\"(max-width: 414px)\" srcset=\"https:\/\/i.abcnewsfe.com\/a\/db0cb8ae-e3ff-47c1-a17f-a740d7169a54\/exxon-gty-jef-260804_1785854879069_hpEmbed_3x2.jpg?w=375, https:\/\/i.abcnewsfe.com\/a\/db0cb8ae-e3ff-47c1-a17f-a740d7169a54\/exxon-gty-jef-260804_1785854879069_hpEmbed_3x2.jpg?w=750 2x\"\/><source media=\"(min-width: 415px)\" srcset=\"https:\/\/i.abcnewsfe.com\/a\/db0cb8ae-e3ff-47c1-a17f-a740d7169a54\/exxon-gty-jef-260804_1785854879069_hpEmbed_3x2.jpg?w=750, https:\/\/i.abcnewsfe.com\/a\/db0cb8ae-e3ff-47c1-a17f-a740d7169a54\/exxon-gty-jef-260804_1785854879069_hpEmbed_3x2.jpg?w=1500 2x\"\/><img decoding=\"async\" alt=\"\" class=\"hsDdd NDJZt sJeUN IJwXl vBqtr KrDt itslR SjwtZ hakZw HlUVI \" data-testid=\"prism-image\" draggable=\"false\" loading=\"lazy\" src=\"https:\/\/i.abcnewsfe.com\/a\/db0cb8ae-e3ff-47c1-a17f-a740d7169a54\/exxon-gty-jef-260804_1785854879069_hpEmbed_3x2.jpg\"\/><\/picture><\/div>\n<\/div><figcaption>\n<div class=\"nMMea bNYiy Mjgpa dGwha DDmxa jgKNG RGHCC aBIU PriDW aiQHS lZur \" data-testid=\"prism-caption\">\n<p><span class=\"hsDdd OOSI GpQCA lZur VlFaz \" data-testid=\"prism-truncate\"><span><span class=\"gtOSm FbbUW tUtYa vOCwz EQwFq yCufu eEak Qmvg nyTIa SRXVc vzLa jgBfc WXDas CiUCW kqbG zrdEG txGfn ygKVe BbezD UOtxr CVfpq xijV soGRS XgdC sEIlf daWqJ \">An Exxon gas station logo sign is seen in Chicago, Illinois, United States, on July 25, 2026.<\/span><\/span><\/span><\/p>\n<p><span class=\"gtOSm FbbUW tUtYa vOCwz EQwFq yCufu eEak Qmvg nyTIa SRXVc vzLa jgBfc WXDas CiUCW kqbG zrdEG txGfn ygKVe BbezD UOtxr CVfpq xijV soGRS XgdC sEIlf daWqJ YNujN JGtjI aZFDu rkKLh \">Marcin Golba\/NurPhoto via Getty Images<\/span><\/p>\n<\/div>\n<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">Mike Wirth, chairman and CEO of Chevron, touted the company&#8217;s performance under circumstances marked by &#8220;geopolitical uncertainty and market volatility.&#8221;<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">&#8220;Chevron&#8217;s people remain focused on safely delivering reliable energy the world needs,&#8221; Wirth said in the company&#8217;s most recent earnings report. &#8220;Our strong second quarter is a result of disciplined investment and strong execution that drove record U.S. upstream production, record crude throughput in our U.S. refineries, and exceptional reliability across key assets.&#8221;<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">The start of the Iran war prompted Iran&#8217;s effective closure of the <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE \" data-testid=\"prism-linkbase\" href=\"https:\/\/abcnews.com\/Business\/unrest-strait-hormuz-leading-rising-oil-gasoline-prices\/story?id=130723855\" target=\"_blank\" dir=\"ltr\">Strait of Hormuz<\/a>, a critical waterway that facilitates the transport of about one-fifth of the global oil supply.<\/p>\n<div class=\"oLzSq QrHMO fnRUo pvsTF EhJPu vPlOC zNYgW OsTsW RMeqy daRVX ISNQ sKyCY eRftA acPPc MENS nFwaT MCnQE mEeeY SmBjI xegrY rPLsU iulOd NIuqO zzscu lzDCc aHUBM IEgzD OjMNy eQqcx SVqKB GQmdz jaoD VWDdR ONJdw vrZxD OnRTz gbbfF roDbV GPGwb oMlSS gfNzt oJhud eXZcf zhVlX \">\n<div>\n<div class=\"InlineImage GpQCA lZur asrEW \" data-testid=\"prism-inline-image\">\n<figure class=\"kzIjN GNmeK pYrtp dSqFO \" data-testid=\"prism-figure\">\n<div class=\"GpQCA lZur \" style=\"padding-bottom:64.77623456790124%\" data-testid=\"prism-ratio-frame\">\n<div class=\"FvQLF iLTd NqeUA UzzHi iWsMV \"><picture data-testid=\"prism-picture\"><source media=\"(max-width: 414px)\" srcset=\"https:\/\/i.abcnewsfe.com\/a\/1e5825c8-1dab-4447-85f2-9007da4f08af\/iran-1-rt-gmh-260803_1785779040948_hpMain.JPG?w=375, https:\/\/i.abcnewsfe.com\/a\/1e5825c8-1dab-4447-85f2-9007da4f08af\/iran-1-rt-gmh-260803_1785779040948_hpMain.JPG?w=750 2x\"\/><source media=\"(min-width: 415px)\" srcset=\"https:\/\/i.abcnewsfe.com\/a\/1e5825c8-1dab-4447-85f2-9007da4f08af\/iran-1-rt-gmh-260803_1785779040948_hpMain.JPG?w=750, https:\/\/i.abcnewsfe.com\/a\/1e5825c8-1dab-4447-85f2-9007da4f08af\/iran-1-rt-gmh-260803_1785779040948_hpMain.JPG?w=1500 2x\"\/><img decoding=\"async\" alt=\"\" class=\"hsDdd NDJZt sJeUN IJwXl vBqtr KrDt itslR SjwtZ hakZw HlUVI \" data-testid=\"prism-image\" draggable=\"false\" loading=\"lazy\" src=\"https:\/\/i.abcnewsfe.com\/a\/1e5825c8-1dab-4447-85f2-9007da4f08af\/iran-1-rt-gmh-260803_1785779040948_hpMain.JPG\"\/><\/picture><\/div>\n<\/div><figcaption>\n<div class=\"nMMea bNYiy Mjgpa dGwha DDmxa jgKNG RGHCC aBIU PriDW aiQHS lZur \" data-testid=\"prism-caption\">\n<p><span class=\"hsDdd OOSI GpQCA lZur VlFaz \" data-testid=\"prism-truncate\"><span><span class=\"gtOSm FbbUW tUtYa vOCwz EQwFq yCufu eEak Qmvg nyTIa SRXVc vzLa jgBfc WXDas CiUCW kqbG zrdEG txGfn ygKVe BbezD UOtxr CVfpq xijV soGRS XgdC sEIlf daWqJ \">Vessels in the Strait of Hormuz, as seen from Musandam, Oman, August 3, 2026.<\/span><\/span><\/span><\/p>\n<p><span class=\"gtOSm FbbUW tUtYa vOCwz EQwFq yCufu eEak Qmvg nyTIa SRXVc vzLa jgBfc WXDas CiUCW kqbG zrdEG txGfn ygKVe BbezD UOtxr CVfpq xijV soGRS XgdC sEIlf daWqJ YNujN JGtjI aZFDu rkKLh \">Reuters<\/span><\/p>\n<\/div>\n<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">Brent crude futures, a measure of global oil prices, had soared more than 60% over pre-war prices by the end of March, rising as high as $119 a barrel. Global crude prices fell as low as $86 per barrel in mid-April after an Iranian official said the country had opened the Strait of Hormuz.<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">Over recent months, oil prices have swung dramatically in response to on-again, off-again fighting and repeated White House statements that an end to the war was near, though those prices have largely remained elevated over pre-war levels.<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">In June, oil prices <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE \" data-testid=\"prism-linkbase\" href=\"https:\/\/abcnews.com\/Business\/oil-prices-fall-lowest-level-march-after-us\/story?id=133883673\" target=\"_blank\" dir=\"ltr\">briefly fell<\/a> to their lowest level since before the war on news that a preliminary peace agreement had been reached. A resumption of large-scale fighting between the U.S. and Iran, however, cast doubt over the staying power of that deal.<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">As of Tuesday afternoon, global oil prices stood at $79.40 a barrel, having dropped after Treasury Secretary Scott Bessent told CNBC said there may soon be a deal to open the Strait.<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC eTIW sUzSN \">Oil prices account for a large share of the price of auto gasoline. The average price of a gallon of gas currently stands at $4.08, according to <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE \" data-testid=\"prism-linkbase\" href=\"https:\/\/gasprices.aaa.com\" target=\"_blank\" dir=\"ltr\">AAA<\/a>, marking a nearly 37% jump since the Iran war began.<\/p>\n<\/div>\n<script async=\"async\" data-cfasync=\"false\" src=\"https:\/\/pl30214220.effectivecpmnetwork.com\/9ab3d4df8a7e1a6171e16ddbf732cc19\/invoke.js\"><\/script>\r\n<div id=\"container-9ab3d4df8a7e1a6171e16ddbf732cc19\"><\/div>\r\n\n","protected":false},"excerpt":{"rendered":"<p>President Donald Trump sharply criticized oil giants Exxon and Chevron over blockbuster profits they earned in part as a result of high oil prices due to the Iran war. &#8220;They&#8217;re making too much money,&#8221; Trump told reporters in the Oval Office on Monday, referring to the two Texas-based companies. Trump urged Exxon and Chevron to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":27989,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/i.abcnewsfe.com\/a\/00382f8d-8264-4238-bff7-d77f5c53b5ef\/donald-trump-epa-jef-260804_1785854905212_hpMain_16x9.jpg?w=1600","fifu_image_alt":"","footnotes":""},"categories":[22],"tags":[],"class_list":["post-27988","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-abc-news"],"brizy_media":[],"_links":{"self":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/posts\/27988","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=27988"}],"version-history":[{"count":0,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/posts\/27988\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/media\/27989"}],"wp:attachment":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}