President Donald Trump’s statement that oil companies have made “too much money” from the Iran war has drawn criticism for those who say that his policies were designed to benefit oil companies.
ExxonMobil and Chevron both reported windfall profits for the second quarter , with Chevron earnings soaring 400% to $12 billion, while Exxon’s profits more than doubled to $14.5 billion.
Concerning the profits, Trump told reporters at the White House that the companies should give some of that back to the public.
However, in February Trump was celebrating the fact that the war had pushed up gas prices, saying on social media that “When oil prices go up, we make a lot of money.”
Trump has also relentlessly boosted oil and gas interests while in office. In 2024, he reportedly met with more than 20 oil bosses, seeking $1 billion in campaign donations from their industry while promising if elected he would remove dozens of environmental regulations.
Since being re-elected, he has in fact eased dozens of restrictions and regulations on fossil fuel expansion, exempted fossil fuel producers from environmental rules, and signed an executive order to prioritize blocking climate lawsuits targeting oil majors.
According to his 2025 financial disclosure, Trump personally invested in major oil companies and increased his personal energy portfolio, placing between $3m and $12m in ExxonMobile stock and between $1.25m and $6m in Chevron stock – benefitting from the windfall profits.
Sen. Sheldon Whitehouse and Rep. Ro Khanna have proposed taxing big oil’s windfall profits from the Iran war-fueled crisis, saying proceeds from that tax should go to American families who are paying more for fuel.
Since the start of the Iran War, American families have paid $78 billion more at the pump, according to a Brown University tracker. The Center for American Progress Action Fund found that Trump’s policies have cost the average American family $285 more at the pump.