Advocates Press Trump for Big Oil Windfall Tax After Exxon, Chevron Post $26.5 Billion Profit
Updated
Updated · The Guardian · Aug 7
Advocates Press Trump for Big Oil Windfall Tax After Exxon, Chevron Post $26.5 Billion Profit
3 articles · Updated · The Guardian · Aug 7
Summary
$26.5 billion in combined quarterly profit at ExxonMobil and Chevron fueled fresh calls for a windfall tax after Trump said oil companies were making “too much money” from the Iran war.
Chevron said earnings jumped nearly 400% to $12 billion, while Exxon’s more than doubled to $14.5 billion, gains advocates tied to war-driven oil shortages and higher fuel prices.
Critics say Trump’s complaint clashes with his record: he praised higher oil prices in March, eased fossil-fuel rules in office, and disclosed 2025 holdings of $4.25 million to $18 million in Exxon and Chevron stock.
Brown University estimates US families have paid more than $78 billion extra at the pump since the war began, while Democrats and advocacy groups are also pushing export curbs to blunt future price spikes.