Back a Windfall Profits Tax, Say Campaigners, After Trump Admits Oil Giants 'Making Too Much Money'

After President Donald Trump echoed climate campaigners' longtime condemnation of fossil fuel giants' massive profits—uttering "the only thing" the climate-denying president "has said about energy policy since taking office that makes any sense," according to one advocate—organizers on Tuesday urged him to put his money where his mouth is by backing a windfall profits tax for companies like Chevron and Exxon Mobil.

In the Oval Office on Monday, Trump called on those corporations and others to slash prices and give some of their record-breaking profits—specifically those made since the president joined Israel in waging an unprovoked war against Iran on Feb. 28—"back to the public.”

"They're making too much money, based on a shortage," said Trump, while noting that he is a "big free enterprise guy."

"I don't like it... Chevron, too much money. Exxon Mobil, too much money," he said. "When you look at one company, they made 12 times what they made the year before? Give some of that back to the public, and they'd better cut the retail price."

With oil and consumer gas prices skyrocketing since Trump and Israel started the war, resulting in Iran's retaliatory measure of effectively closing the Strait of Hormuz, which a fifth of the world's oil supply ordinarily travels through, Exxon reported that its second-quarter profits more than doubled compared with last year. The company took in $14.5 billion, while Chevron reported profits of $12 billion compared with $2.5 billion in 2025—nearly a 400% increase.

BP also reported profits that were $2.35 billion higher than last year.

An analysis by the Guardian published Tuesday showed that eight of the world's largest oil companies made nearly $93 billion in profits in the three months following the invasion.

The climate action group 350.org noted that the record profits of oil and gas giants come as "communities across the world endure record-breaking heatwaves, wildfires, and rising living costs"—and as governments from around the world prepare to resume negotiations on a United Nations Framework Convention on International Tax Cooperation, where a "mandatory surtax on highly polluting industries is gaining support as part of that process."

Two Democratic lawmakers in the US, Rep. Ro Khanna of California and Sen. Sheldon Whitehouse of Rhode Island, introduced the Big Oil Windfall Profits Tax Act in March.

“From Bordeaux to Phoenix to Mumbai, families are living through the cost of climate delay, while the companies most responsible bank blockbuster bonanzas," said Anna Jellema, executive director of 350.org. "That is not a coincidence; it is a business model. Governments meeting in New York this month have a genuine opportunity to change it. Calls are growing across the political spectrum for a proper global profits tax, so the industry that helped cause these disasters pays towards the recovery, the solutions and the protection people need. It’s simple fairness: Those who caused the damage and profited from it should pay to fix it.”

Candice Fortin, US campaign manager for 350.org, emphasized that the latest comments from Trump, whose Interior Department just moved to weaken restrictions on Arctic drilling, must be taken with a grain of salt.

In the same Oval Office statement on Monday, said Fortin, "Trump criticized countries championing wind energy and supported more oil extraction in the North Sea."

"We don't just need to tax fossil fuels' windfall profits now, to be then forget about later," said Fortin. "We need to end our dependence on oil, gas, and coal—and we need a permanent mechanism to make the fossil fuel industry pay its fair share and redirect those revenues towards protecting people and communities from the climate and cost-of-living crises."

"If this is a genuine change of heart from a president whose budget bill included $18 billion in taxpayer handouts to Big Oil, we welcome it," added Fortin. "But talk is cheap, here's the real test: Will Trump throw his weight behind the Big Oil Windfall Profits Tax bill, which his party has been stonewalling in Congress since March?"