US President Donald Trump says oil companies are making too much money from the US-Iran conflict.
Trump expressed his displeasure while speaking to
journalists at the White House on Monday.
He said the companies are making too much money due to high
prices stemming from the war.
“They’re making too much money. Based on a shortage, they’re
making too much money. I don’t like it,” the US president said.
“And I should be the last one to say this because I’m a big
free enterprise guy, nobody bigger.”
Trump said oil prices would “drop through the floor” once
the US is finished with Iran, reiterating that the companies have made “too
much money from oil”.
“Chevron, too much money. Exxon Mobil, too much money. When
you look at one company where they made 12 times what they made the year
before, they’re gonna give some of that back to the public,” he said.
“And they better cut the retail price, the consumer price.
You’re surprised I’m saying it? I’ll say it loud and clear. I’m not happy about
it.”
In the second quarter (Q2) of 2026, ExxonMobil’s profits
more than doubled to $14.1 billion.
Chevron also reported $12 billion profit in the same
quarter, representing the highest quarterly earnings in about six years.
On July 10, the Wall Street Journal (WSJ) said Aliko
Dangote, chief executive officer (CEO), Dangote Group, is a big winner from the
US-Iran crisis.
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