Trump blasts Big Oil: 'Give some of that back'

Key Points:

• President Donald Trump criticized major U.S. oil companies ExxonMobil and Chevron for their record-high profits during the ongoing war with Iran, urging them to share some of their earnings with the American public and reduce consumer prices.
• ExxonMobil reported $14.5 billion in earnings for Q2 2026, doubling its profits from the previous year, while Chevron posted $12 billion, its highest quarterly earnings in at least six years.
• Trump attributed the companies' excessive profits to a shortage-driven spike in oil prices, which surged above $100 per barrel amid U.S.-Iran tensions but have since fallen due to signs of easing conflict.
• He also criticized Chevron CEO Mike Wirth for not acknowledging the Trump administration's role in supporting the oil industry, highlighting the administration's efforts in Venezuela as a key factor in the sector's recovery.
• Trump predicted gasoline prices would significantly drop once the war with Iran concludes, emphasizing his dissatisfaction with current fuel costs and corporate profits.