US President Donald Trump recently stated that oil companies have made “too much money” from the ongoing war with Iran. This comment has sparked criticism from environmental advocates who argue that Trump’s own policies have favored these corporations, enabling significant price increases.

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. Despite these gains, Trump had earlier celebrated the war’s impact on gas prices, tweeting in March, “When oil prices go up, we make a lot of money.”

Environmental groups including Public Citizen and Evergreen Action have called on Trump to follow through on his claims by endorsing a windfall profits tax on big oil. Tyson Slocum, energy program director at 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 disaster of a war of choice against Iran.” He added that the president should support a windfall tax given the companies’ excessive profits.

Lena Moffitt, executive director of Evergreen Action, noted that the same companies that contributed $1 billion to help elect Trump are now benefiting from his policies, which she described as an “anti-consumer agenda.” According to Trump’s 2025 financial disclosure, he increased his personal investments in ExxonMobil and Chevron stocks, potentially profiting from their windfall earnings.

A recent analysis by environmental advocacy group Climate Power and the Center for American Progress Action Fund found that Trump’s policies have resulted in an average additional cost of $285 per American family at the gas pump.

The conflict in Iran, which Trump launched with Israel in February 2026, has disrupted major oil shipping routes such as the Strait of Hormuz. Trump has downplayed the impact on the US, citing its status as the top global crude producer and limited reliance on Persian Gulf oil imports.

Calls for a windfall profits tax come as lawmakers, including Senator Sheldon Whitehouse and Congressman Ro Khanna, propose taxing oil companies’ Iran war-related gains to provide relief to American families facing higher fuel costs.

Sources