Trump Criticizes Oil Giants: ExxonMobil and Chevron Are Profiting Heavily from the War

US President Donald Trump has taken aim at oil companies, accusing them of reaping huge profits from turmoil in the global energy market caused by his war against Iran.

Just hours before his remarks, US oil companies had reported combined profits of more than $26 billion for the three months through the end of June. They benefited from disruptions in the energy market resulting from the US and Israeli war against Iran.

Chevron recorded the highest quarterly profit in its history, at $12.2 billion, five times more than in the same period last year. Meanwhile, ExxonMobil reported a profit of $14.5 billion for the second quarter, double the amount recorded in the same period a year earlier.

Trump responded to the windfall profits reported by ExxonMobil and Chevron last week, saying the companies would “give some of that money back to the public.”

“They’re making a lot of money based on a shortage,” he told reporters at the White House on Monday evening, adding: “I don’t like it.”

Before the first US and Israeli strikes in late February, Brent crude was trading at nearly $70 a barrel. The price climbed as high as $126 in late April, while a barrel is currently trading at around $85.

The US president’s remarks came just hours before British Petroleum announced that its profits for the latest quarter had doubled to $5.7 billion.

Asked by CNBC about Trump’s position, BP CEO Meg O’Neill said she understood the difficulties facing families. “The reality is that we produce a global commodity, and the product we sell depends on that global commodity price,” she added.