‘Give Some Of That Back To The Public’: Trump Tries To Tap Back Into His Populist Streak

Interesting big oil, chevron, donald trump, iran war, venezuela admin August 3, 2026 0 Comments

‘Give Some Of That Back To The Public’: Trump Tries To Tap Back Into His Populist Streak

After oil companies reported record-high profits amid the Iran War, President Donald Trump tried to tap into a populist message Monday by teeing off on the corporate behemoths.

With the Strait of Hormuz under Iranian control, repeated disruptions to commercial shipping, and damage to regional energy infrastructure in the Gulf States, the price of oil has surged throughout the war compared to the end of 2025 — and Big Oil has profited handsomely. Chevron recently reported its highest quarterly profits in six years, while Exxon Mobil’s second quarter net profit hit $14.5 billion, the highest in four years. (RELATED: The Houthis Could Drive Up Gas Prices Even Further)

“Based on a shortage, they’re making too much money,” Trump told reporters Monday. “I don’t like it, and I should be the last one to say because I’m a big free enterprise guy — nobody bigger.”

Trump specifically named Chevron and Exxon Mobil, saying they have made “too much, too much money.”

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

The president also attacked Chevron’s CEO, Mike Wirth, after he made an appearance on Fox Business Monday morning.

“The only thing he conveniently forgot to mention is that, without the genius, foresight, strength, and stability, of the TRUMP Administration, the Oil Industry, and our Country itself, would be DEAD!” Trump wrote, adding that all oil companies must “get your consumer (retail!) Oil Prices DOWN, NOW!”

The average price of gas nationwide has also increased since the start of the war, up nearly a dollar compared to 2025’s average price.

President Joe Biden famously hammered Big Oil companies, including Chevron and Exxon Mobil, for “war profiteering” after the price of oil skyrocketed during Vladimir Putin’s invasion of Ukraine in February 2022.

A week before the 2022 midterm elections, Biden threatened Big Oil with tax increases unless they ramped up production to drive down costs.

“It’s time for these companies to stop war profiteering, meet their responsibilities to this country, give the American people a break and still do very well,” Biden said. “Give me a break, enough is enough.”