Trump: Oil Companies Making Too Much Money From Iran War

US President Donald Trump has criticized major oil companies for making what he described as excessive profits from soaring fuel prices triggered by the ongoing Iran war, urging them to lower prices for American consumers.

Speaking to journalists at the White House on Monday, Trump said he was unhappy that oil companies were benefiting from supply disruptions caused by the conflict.

“I don’t like it. They’re making too much money, okay? Based on a shortage, they’re making too much money,” Trump said.

The remarks come as rising gasoline prices emerge as a key political issue ahead of the November midterm elections, with Democrats aiming to wrest control of Congress from the Republican Party.

The average price of regular gasoline in the United States has risen by more than 37 percent since the conflict began in late February, driven by disruptions in global oil supplies. The war has seen Iran target US allies in the Gulf and severely disrupt shipping through the Strait of Hormuz, one of the world’s most important oil transit routes.

Meanwhile, US oil giants ExxonMobil and Chevron reported massive second-quarter earnings, with ExxonMobil posting profits of $12.1 billion—more than double its earnings from the same period last year. Other major energy companies have also announced significant profit increases linked to higher global oil prices.

Despite his longstanding support for the fossil fuel industry, Trump has increasingly criticized rising fuel costs. In June, he directed the Department of Justice to investigate possible price gouging within the oil sector.

Reiterating his stance on Monday, the president called on oil companies to pass some of their windfall profits on to consumers.

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