WASHINGTON (AP) —President Donald Trump said major oil companies are earning excessive profits because of high oil prices.

“They made too much money, too much money, “ Trump said. “They ought to give some of that back to the public, and they better cut the retail price.”

Trump said he’s not happy with profits reported by Chevron and Exxon Mobil, even though the higher margins reflected energy prices that had increased after Trump launched a war with Iran and the Strait of Hormuz was effectively closed to oil and natural gas tankers.

Trump’s predecessor in the White House, Democrat Joe Biden, also attacked oil companies for their profits when inflation was a major problem with voters.

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                        <img src="https://media.eaglewebservices.com/public/2023/5/1683569393523.png" alt="Post photo" />
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                    </figure><p>WASHINGTON (AP) —President Donald Trump said major oil companies are earning excessive profits because of high oil prices.</p><div><blockquote class="twitter-tweet"><p lang="en" dir="ltr">President Trump says that despite high oil prices, companies like Chevron and Exxon Mobil are making &quot;too much money,&quot; amid the U.S. — Iran war: &quot;I don&#39;t like it... They ought to give some of that back to the public.&quot; <a href="https://t.co/pcYg3BlsRf">pic.twitter.com/pcYg3BlsRf</a></p>&mdash; CSPAN (@cspan) <a href="https://x.com/cspan/status/2084350190450823457?ref_src=twsrc%5Etfw">August 3, 2026</a></blockquote> <script async src="https://platform.x.com/widgets.js" charset="utf-8"></script></div><p>“They made too much money, too much money, “ Trump said. “They ought to give some of that back to the public, and they better cut the retail price.”</p><figure>
                        <img src="https://media.eaglewebservices.com/public/2026/8/1785846985825.png" alt="<br>" />
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                    </figure><p>Trump said he’s not happy with profits reported by Chevron and Exxon Mobil, even though the higher margins reflected energy prices that had increased after Trump launched a war with Iran and the Strait of Hormuz was effectively closed to oil and natural gas tankers.</p><p>Trump’s predecessor in the White House, Democrat Joe Biden, also attacked oil companies for their profits when inflation was a major problem with voters.</p>

🎥Why President Trump says he is not happy with big oil companies