Trump Criticizes Oil Companies for Profiting from Iran Conflict

Aug 3, 2026

73 min

Aug 3, 2026 19:30

Trump says oil firms making 'too much money' from Iran shortage

## Rising Gas Prices and Political Concerns

As the United States approaches midterm elections, President Donald Trump has expressed concern over the significant profits being made by major oil companies amid the ongoing conflict with Iran. The war, which began in late February, has led to a substantial increase in gasoline prices, a critical issue for Trump's Republican Party as they face electoral challenges from Democrats.

## Impact of the Iran Conflict

The conflict has resulted in Iran targeting U.S. allies in the Gulf and disrupting the Strait of Hormuz, a key oil passageway. These actions have contributed to a sharp rise in energy prices. Since the conflict's onset, the average price of gasoline in the U.S. has surged by over 37%.

## Oil Companies' Profits Surge

Major oil corporations, including ExxonMobil and Chevron, have reported significant profit increases. ExxonMobil's profits more than doubled to $14.5 billion in the second quarter, while Chevron's profits rose to $12.1 billion, a fivefold increase from the previous year. These gains have been attributed to the economic effects of the Middle East conflict.

## Trump's Response

Despite being a proponent of fossil fuels, Trump has criticized the oil companies for their high profits, urging them to reduce consumer prices. In June, he directed the Department of Justice to investigate potential price gouging by the industry. On Monday, he reiterated his dissatisfaction, suggesting that companies should return some profits to the public and lower retail prices.

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