'Give Some Of It Back': Trump Blasts Oil Giants For 'Making Too Much Money' Amid Iran War
'Give Some Of It Back': Trump Blasts Oil Giants For 'Making Too Much Money' Amid Iran War Published By, Last Updated: August 04, 2026, 03:59
'Give Some Of It Back': Trump Blasts Oil Giants For 'Making Too Much Money' Amid Iran War Published By, Last Updated: August 04, 2026, 03:59 IST Trump singled out oil giants such as ExxonMobil and Chevron, arguing that soaring profits were driven by higher energy prices caused by the conflict in West Asia. US President Donald Trump. (Image source: Reuters) US President Donald Trump on Monday slammed major American oil companies for posting massive profits during the ongoing Iran war, saying they were “making too much money" and should return some of their earnings to the public by cutting fuel prices. Speaking to reporters at the White House, Trump singled out oil giants such as ExxonMobil and Chevron, arguing that soaring profits were driven by higher energy prices caused by the conflict in West Asia.
“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," Trump said. “And they better cut the retail price, the consumer price." “I don’t like it. They’re making too much money, okay? Based on a shortage, they’re making too much money," he added. Oil prices soar as war boosts company profits Trump’s remarks come as fuel prices remain a major political issue ahead of the US midterm elections in November. The average price of regular petrol in the United States has risen by more than 37 per cent since since the start of the war, launched by the US and Israel against Iran in late February.
The war has disrupted energy markets, with Iran’s actions affecting shipping through the Strait of Hormuz, a key global oil route. The uncertainty has pushed oil prices higher, boosting profits for major energy companies. ExxonMobil reported second-quarter profits of $14.5 billion, more than double its earnings from the same period last year. Chevron posted profits of $12.1 billion, more than five times higher than a year earlier. Several other oil producers have also reported strong earnings linked to the rise in energy prices. (With inputs from agencies) News18 Newsletter Handpicked stories, in your inbox A newsletter with the best of our journalism submit About the Author News Desk The News Desk is a team of passionate editors and writers who break and analyse the most important events unfolding in India and abroad.
From live updates to exclusive reports to in-depth explainers,... Read More Location: United States of America (USA) First Published: August 04, 2026, 03:52 IST News world 'Give Some Of It Back': Trump Blasts Oil Giants For 'Making Too Much Money' Amid Iran War Disclaimer: Comments reflect users’ views, not News18’s. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy Loading comments...
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