Trump Faces Calls To Tax Big Oil’s Iran War Profits

By Staff, Agencies

US President Donald Trump’s remarks that oil companies have made “too much money” from the Iran war have drawn criticism from environmental advocates, who argue that his own policies have favored the industry.

They said that if Trump stands by his claims, he should impose a windfall profits tax on major oil firms.

Energy program director at consumer advocacy nonprofit Public Citizen, Tyson Slocum, criticized Trump’s ties with the oil industry, saying his policies enabled excessive profits, but argued that Trump was right to acknowledge that oil companies are making “too much money” and should support a windfall profits tax.

ExxonMobil and Chevron on Friday both reported windfall profits for the second quarter of the year. Chevron said its earnings soared nearly 400% to $12bn, while Exxon’s profits more than doubled to $14.5bn.

On Monday, Trump criticized oil companies’ profits, saying they should return some gains to the public and arguing they were benefiting from shortages.

Not long ago, however, Trump was celebrating the fact that the war on Iran, which he launched with "Israel" in February, has pushed up gas prices. “When oil prices go up, we make a lot of money,” he said on social media in March.

Earlier that month, Trump claimed that Iran’s shutdown of the major shipping route the Strait of Hormuz “doesn’t really affect” the US the way it does “other countries” because it is the top global crude producer, and because just a small portion of the country’s oil imports comes from the Gulf.

However, experts have noted that oil prices are influenced by global markets and supply chains.

Trump has repeatedly supported oil and gas interests, reportedly meeting more than 20 industry executives in 2024 while seeking major campaign donations and promising to roll back environmental regulations.

Since returning to the White House, he has eased restrictions on fossil fuel expansion, granted exemptions from environmental rules, and moved to challenge climate lawsuits against oil companies.

Evergreen Action Executive Director Lena Moffitt said oil companies that supported Trump’s election are now benefiting from policies she described as anti-consumer.

Trump has also invested in major oil companies. His 2025 financial disclosure showed holdings of $3–12 million in ExxonMobil stock and $1.25–6 million in Chevron stock, suggesting he may benefit from their increased profits.

Whitehouse and Khanna propose taxing oil windfall profits from the Iran war to support families facing higher fuel costs.

Reached for comment, White House spokesperson Taylor Rogers defended Trump’s energy policies, saying they aim to boost domestic production and lower gas prices through expanded oil and gas drilling.

A Brown University tracker estimated that US families have paid over $78 billion more for fuel since the Iran war began, while other analyses linked Trump’s policies to higher pump costs.

Advocates called for a windfall tax and limits on fossil fuel exports, but the White House rejected export restrictions, saying there are no plans to impose them.

Earlier this week, dozens of US advocacy groups led by environmental organization Food and Water Watch called on congressional leaders to ban on fossil fuel exports and impose a windfall profits tax on oil majors.

“There are concrete ways to fight back against the fossil fuel industry and their insatiable profiteering,” the letter says.