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US president’s complaint industry ‘making too much money’ comes after his policies boosted corporations Donald Trump’s statement that oil companies have made “too much money” from the Iran war has angered environmentalists, who say that his policies were designed to benefit those very corporations. If he really believes his own claims, he should impose a windfall profits tax, advocates say. “Trump’s declaration that big oil is ‘making too much money’ belies his accommodation and giveaways to the industry that have enabled its price-gouging – not to mention his disaster of a war of choice against Iran,” said Tyson Slocum, energy program director at consumer advocacy nonprofit Public Citizen. “But like a broken clock that’s correct twice a day, the president is right that oil companies are ‘making too much money’, which means Trump should endorse a windfall profits tax.” ExxonMobil and Chevron on Friday both reported windfall profits for the second quarter of the year. Trump has also personally invested in major oil companies.
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According to his 2025 financial disclosure, he increased his personal energy portfolio last year, placing between $3m and $12m in ExxonMobil stock and between $1.25m and $6m in Chevron stock, Politico first reported , indicating he may be benefitting from the two companies’ windfall profits.
