Trump criticizes oil giants

In the second quarter, ExxonMobil and Chevron collectively earned $29 billion, or $318 million per day, more than three times their profits for the same period in 2025, according to Bloomberg.

The main drivers of their profit growth were high oil prices caused by the crisis in the Strait of Hormuz, as well as a sharp increase in the margins of refineries selling gasoline, diesel, and jet fuel.

Trump stated that he was dissatisfied with the situation, saying that corporations were making too much money, and called on them to return some of this money to society.

"They're making too much money off the deficit. I don't like that. I probably shouldn't say that, because I'm the biggest supporter of free enterprise, the biggest of them all. Surprised I'm saying that? I'll say it loud and clear. I'm not happy with that," he said.

Americans are currently paying over $4 per gallon of gasoline, about 30% more than at the start of Trump's second term. Rising fuel costs are hurting the president's approval ratings ahead of the November midterm elections. Oil companies themselves deny accusations of speculation, emphasizing that their market share is too small to single-handedly influence prices.

Photo: White House.