Oil companies are making massive profits and stockpiling cash, and holding off on changing their investment plans.

The windfall is fueling fresh political and environmental backlash, with Trump accusing Exxon Mobil and Chevron of making “too much money.”

Five global oil majors — Exxon Mobil, Chevron, BP, Shell and TotalEnergies — posted a combined $48 billion profit in Q2, benefiting from oil prices surging above $100 a barrel…