US President Donald Trump recently stated that oil companies have made “too much money” from the war with Iran, a conflict he launched alongside Israel in February 2026. This statement has sparked criticism from environmental advocates who argue that Trump’s policies have actually favored these corporations, enabling significant price increases at the pump.

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 their recent gains.

Advocates including Tyson Slocum, energy program director at consumer advocacy nonprofit Public Citizen, say Trump’s claim that big oil is “making too much money” contradicts his prior giveaways to the industry and the consequences of the war on Iran. Slocum urged the president to back a windfall profits tax on these companies.

Lena Moffitt, executive director of climate advocacy group Evergreen Action, highlighted a $1 billion quid pro quo deal between oil companies and Trump’s election campaign, suggesting these firms are now profiting from his policies that harm consumers.

A recent analysis by environmental group Climate Power and the liberal think tank Center for American Progress Action Fund found that Trump’s policies have increased fuel costs by an average of $285 per American family.

Earlier this year, Trump celebrated the rise in gas prices due to the Iran war, stating on social media in March, “When oil prices go up, we make a lot of money.” He also downplayed the impact of Iran’s closure of the Strait of Hormuz on US oil imports, citing the country’s status as the top global crude producer.

Calls are growing from lawmakers and advocacy groups for a windfall profits tax on big oil, with proposals suggesting that the revenue should support American families facing higher fuel costs.

Sources