President Donald Trump has criticized oil companies for making "too much money" amid the ongoing war with Iran, a conflict he initiated alongside Israel in February 2026. However, environmental advocates argue that Trump's policies have actually favored these corporations, enabling significant price increases and record profits.

ExxonMobil and Chevron reported substantial windfall profits for the second quarter of 2026, with Chevron's earnings soaring nearly 400% to $12 billion and ExxonMobil's profits more than doubling to $14.5 billion. According to Trump's 2025 financial disclosure, he increased his personal investments in ExxonMobil and Chevron stocks, potentially benefiting from these gains.

Critics highlight the contradiction between Trump's recent complaints and his earlier statements celebrating higher oil prices due to the Iran conflict. In March, Trump posted on social media, "When oil prices go up, we make a lot of money."

Environmental groups including Climate Power and the Center for American Progress Action Fund estimate that Trump's policies have cost the average American family an additional $285 at the gas pump. Lena Moffitt, executive director of Evergreen Action, condemned the relationship between Trump and oil companies, stating, "We shouldn’t be surprised that the same companies that struck a $1bn quid pro quo to help elect Trump in exchange for delivering on their policy wish list are now cashing in on his anti-consumer agenda."

Tyson Slocum, energy program director at consumer advocacy nonprofit Public Citizen, said, "Trump’s declaration that big oil is ‘making too much money’ belies his accommodation and giveaways to the industry that have enabled its price-gouging – not to mention his setback of a war of choice against Iran. But like a broken clock that’s correct twice a day, the president is right that oil companies are ‘making too much money’, which means Trump should endorse a windfall profits tax."

Calls are mounting for Trump to impose a windfall profits tax on big oil companies, with proposals suggesting that proceeds be directed to American families burdened by rising fuel costs.

Sources