Trump slams oil giants' profits, but critics demand a windfall tax
After ExxonMobil and Chevron reported soaring profits tied to the Iran war's impact on fuel prices, President Trump criticized oil companies for making 'too much money,' but advocates say he should back a windfall profits tax if he means it.
President Donald Trump said on Monday that oil companies are making 'too much money' amid a fuel shortage and suggested they should return some of that profit to the public. His comments came after Chevron and ExxonMobil reported major second-quarter earnings gains on Friday — Chevron's profit jumped nearly 400% to $12bn, while Exxon's more than doubled to $14.5bn.
A contradictory stance
Environmental and consumer advocates point out the irony in Trump's remarks. Tyson Slocum of Public Citizen noted that Trump's own policies have handed the oil industry favorable treatment, including exemptions from environmental rules. Just months earlier, in March, Trump had boasted on social media that rising oil prices meant bigger profits, and claimed Iran's disruption of the Strait of Hormuz wouldn't significantly affect the US the way it would other countries — a claim experts have disputed, given how global oil markets are interconnected.
Since returning to office, Trump has rolled back numerous fossil fuel restrictions and directed the Justice Department to prioritize blocking climate lawsuits against oil majors. His 2025 financial disclosure shows he personally increased his holdings in ExxonMobil and Chevron stock last year.
Calls for a windfall tax
Senator Sheldon Whitehouse and Representative Ro Khanna have proposed taxing oil companies' windfall profits stemming from the Iran war-driven price crisis, with proceeds directed to families paying more at the pump. A Brown University tracker estimates Americans have spent more than $78bn extra on fuel since the war began.
White House spokesperson Taylor Rogers rejected calls to restrict fossil fuel exports, saying the administration's focus remains on boosting domestic drilling to lower prices. This week, dozens of advocacy groups urged congressional leaders to both ban fossil fuel exports and impose a windfall profits tax on major oil companies.
