Trump says oil companies are making “too much money” but taking on one of Washington’s most powerful industries carries political risks

No clear winner may have emerged on the battleground in the U.S.-Israeli war with Iran, but away from the battlefield, Big Oil has emerged as one of the conflict’s biggest beneficiaries. And that is creating a political headache for U.S. President Donald Trump.

“They made too much money, too much money,” Trump said last week, referring to U.S. oil majors ExxonMobil and Chevron. “They ought to give some of that back to the public, and they better cut the retail price.”

Major oil companies reported exceptionally strong second-quarter profits for 2026 as the war with Iran disrupted energy supplies and sent oil prices soaring.

Eight of the global oil majors amassed profits of US$93 billion in just three months, according to the Guardian. Their combined profits were almost double the nearly US$50 billion recorded during the same period last year.

The eight companies—Saudi Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron and ExxonMobil—made more than US$700,000 in profit every minute during the quarter, the Guardian estimated.

ExxonMobil doubled its profit to US$14.5 billion. Chevron reported US$12.2 billion. Shell reported adjusted earnings of US$9.8 billion, while BP’s adjusted profit surged to US$5.7 billion.

Saudi Aramco also emerged as a major beneficiary despite the disruption in the Strait of Hormuz, its preferred export waterway. The strait is one of the world’s most important oil routes, normally carrying oil volumes equivalent to about one-fifth of global petroleum consumption.

The blockage forced Saudi Aramco to reroute shipments away from Hormuz. Yet the Saudi state oil company still registered a 44 per cent jump in net profit to US$32.69 billion.

Gasoline prices remain an important political issue in the United States, particularly with the midterm elections only a few months away. The national average for regular gasoline reached US$4.07 a gallon on Aug. 13, compared with US$3.16 a year earlier. If prices at the pump remain high, Trump and the Republicans could pay a political price.

The impact is not limited to the U.S. Canada is a major oil producer, but crude is traded in a global market. Higher international oil prices are also driving up gasoline prices for Canadian consumers.

In late June, Trump ordered the U.S. Justice Department to investigate oil companies, including ExxonMobil and Chevron, over gasoline prices. “Gasoline Retailers must get their Prices down, IMMEDIATELY,” Trump wrote on his Truth Social platform. “If Retailers don’t do this, big problems lie ahead!”

But getting prices down while oil companies are enjoying extraordinary profits is easier said than done.

Democratic Sen. Sheldon Whitehouse and Democratic Rep. Ro Khanna reintroduced the Big Oil Windfall Profits Tax Act in March, and similar calls have been heard in Europe. Such a tax is designed to capture excess profits generated by extraordinary external circumstances, with the proceeds redirected to consumers facing higher energy costs.

There is precedent. The European Union imposed a windfall tax on oil profits after energy prices surged following Russia’s full-scale invasion of Ukraine in 2022.

Not surprisingly, industry leaders strongly oppose the idea. ExxonMobil CEO Darren Woods told analysts that windfall taxes are a “misguided policy” that penalizes businesses that attempt to stay successful despite the oil industry’s volatile booms and busts.

“We cancelled investments that we had planned for Europe based on the last time they passed a windfall profits tax,” Woods said. “And in fact, we’re suing because we don’t think that’s a legal taking for the industry.”

Politically speaking, it may not be easy for Trump to tax the oil majors. Big Oil remains one of the most powerful lobbying interests in Washington. The oil industry has traditionally strongly supported Republicans, with fossil-fuel interests contributing heavily to Trump and Republican-aligned campaigns.

Trump has said the oil majors are making “too much money.” But taking them on could have political fallout.

The Iran war has given Big Oil an extraordinary financial windfall. For Trump, the question now is whether criticizing those profits will be enough if gasoline prices remain high as the midterm elections approach.

Toronto-based Rashid Husain Syed is a highly regarded analyst specializing in energy and politics, particularly in the Middle East. In addition to his contributions to local and international newspapers, Rashid frequently lends his expertise as a speaker at global conferences. Organizations such as the Department of Energy in Washington and the International Energy Agency in Paris have sought his insights on global energy matters.