Donald Trump Criticizes Oil Supermajors Over Record Profits

Donald Trump criticized oil supermajors Exxon Mobil and Chevron for generating excessive profits while hostilities between the United States and Iran drove up fossil fuel prices. Five global supermajors—Exxon Mobil, Chevron, BP, Shell, and TotalEnergies—reported combined profits of $48 billion and nearly $90 billion in cash generation during the second quarter.

While the president demanded lower pump prices, the government of Portugal and environmental campaigners pushed for windfall taxes on these earnings. The American Petroleum Institute opposed these measures, arguing that such taxes do not lower consumer prices and instead discourage the long-term investment required for a resilient energy system.

Company executives, including BP CEO Meg O'Neill and Shell CEO Wael Sawan, stated they are focusing on trading and operational reliability to manage market volatility. Analysts noted that the industry is primarily using the windfall to stockpile cash reserves and pay down debt.