President Donald Trump expressed his displeasure with Chevron and Exxon Mobil for raking in “too much” profit during the second quarter of this year as the White House grapples with complaints about gas prices amid the war with Iran.“Based on a shortage, they’re making too much money,” Trump told reporters in the Oval Office on Monday. “I don’t like it, and I should be the last one to say it because I’m a big free enterprise guy. Nobody bigger.”Fewer than 100 days before November’s midterm elections, Trump repeated his promise when he and his administration were “finished with Iran” consumers will “see the prices drop through the floor.”
“They’ve got to give some of that back to the public, and they better cut the retail price, the consumer price. Too much money.” he said. “You’re surprised I’m saying it? I’ll say it loud and clear. I’m not happy about it.”Monday’s national regular gas price average per gallon was $4.10, an increase from $3.82 a month ago and $3.15 from a year ago, according to AAA.Chevron’s net income increased to $12.2 billion in the three months that ended on June 30, an almost 400% rise compared to the same period last year, when the company reported $2.5 billion in profits.Exxon Mobil recorded a similar increase in profits for the quarter at about $14.5 billion, more than double from the $7.1 billion reported in the second quarter of 2025.TRUMP SAYS HE’LL ‘LET THE FAMILIES’ SORT OUT MAX MILLER ALLEGATIONSThe oil companies’ profits are being increased due, in part, to the Middle East’s refining capacity being displaced, with Chevron and Exxon Mobil running their refineries close to their maximum capacity.Callie Patteson and Maydeen Merino contributed to this report.
