NEW: Exxon and Chevron Rake in $26 billion in Profits as Americans Continue to Pay the Price at the Pump
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Chevron made $12 billion in profits in Q2, up nearly 300% since last year, while Exxon doubled their profits since last year, bringing in $14.7 billion thanks to Trump’s war of choice
Trump has as much as $12 million in Exxon Mobil stock and as much as $6 million in Chevron stock
Washington, DC – Donald Trump’s war of choice in Iran has cost American families $76.5 billion in skyrocketing energy costs, but for Trump and his ultra-wealthy donors, the profits keep rolling in. Today, Chevron and Exxon Mobil, two companies in which Trump owns millions of dollars worth of stock, announced profits of more than $26 billion in Q2. Trump said the quiet part out loud when he said, “when oil prices go up, we make a lot of money.” After Chevron and Exxon’s reports today, it could not be more clear that when he said “we,” he wasn’t talking about the American people.
The scale of Trump’s corruption at the expense of the American people doesn’t stop at his stock portfolio. At a closed-door meeting at Mar-A-Lago in 2024, Trump asked his ultra-wealthy Big Oil donors to donate a billion dollars to his campaign, then highlighted all the ways a second term would help their bottom line. Now, more than a year into his presidency and six months into his war of choice, Big Oil is getting what they were promised while the American people struggle to make ends meet.
Former Washington Governor Jay Inslee issued the following statement: “The mugging at Mar-A-Lago just keeps getting worse. The president said he would sell out Americans to oil and gas CEOs for a billion dollars in campaign donations. Now we know he owns millions of dollars worth of their stock. Those same companies are profiting from Trump’s war of choice, which has killed and injured U.S. service members, and left consumers struggling to stay afloat.”
Oil and gas companies are making billions while working families foot the bill with higher prices on everything from gasoline to groceries:
- 27 companies raked in more than $40 billion in profit in Q1. In the first two weeks of Q2 reporting alone, companies like Equinor, Liberty Energy and TotalEnergies have already posted billions in profits — Equinor reported $3.4 billion, up 97% year-over-year, and TotalEnergies, which took a billion taxpayer dollars from Trump to abandon its offshore wind projects, raked in $6 billion.
- Yesterday, Shell announced their best quarterly profits in four years – almost $10 billion, up 131% since last year.
- Gas prices surpassed $4 per gallon for the second time this year — the first time that’s happened in a single year, ever.
- According to a CBS News poll, 51% of Americans said gas prices are posing a financial hardship or financial difficulty.
- The world’s top oil and gas companies made more than $30 million every hour in unearned profit during the first month of Trump’s war.
- The oil and gas industry spent $450 million to influence Trump and congressional Republicans, including more than $75 million to elect Trump.
- Donald Trump and congressional Republicans started this energy crisis with their attacks on clean energy projects, and accelerated it with their war of choice in Iran. Trump and Republicans in Congress canceled enough projects to power the equivalent of 17 million homes.
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