US President Donald Trump recently stated that oil companies have made “too much money” from the ongoing war with Iran, a conflict he launched alongside Israel in February 2026. This statement has sparked criticism from environmentalists who argue that Trump’s policies were designed to benefit these corporations.

ExxonMobil and Chevron reported substantial windfall profits for the second quarter of 2026, with Chevron’s earnings soaring nearly 400% to $12 billion and Exxon’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 windfall gains.

Advocates, including Tyson Slocum, energy program director at consumer advocacy nonprofit Public Citizen, contend that if Trump truly believes oil companies are making excessive profits, he should support imposing a windfall profits tax. Slocum 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.”

Lena Moffitt, executive director of climate advocacy group Evergreen Action, criticized the relationship between Trump and the oil industry, 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.”

A recent analysis by environmental advocacy group Climate Power and the Center for American Progress Action Fund found that Trump’s policies have increased fuel costs by $285 for the average American family. Earlier in 2026, Trump had celebrated the rise in gas prices due to the Iran war, tweeting, “When oil prices go up, we make a lot of money.” He also downplayed the impact of Iran’s shutdown of the Strait of Hormuz on US oil imports, citing the country’s status as the top global crude producer.

The calls for a windfall tax on big oil’s profits aim to redirect the gains from the Iran war-fueled energy crisis back to American families facing higher fuel costs.

Sources