Campaigners Challenge Trump to Back Windfall Tax on Oil Giants

In a rare alignment with climate advocates, Trump claimed on Monday that energy giants are making too much money at the expense of the public. He specifically called for these corporations to slash retail prices, noting that some firms have seen earnings multiply significantly since the start of the U.S.-Iran war. This rhetoric comes as the closure of the Strait of Hormuz has sent global fuel prices soaring, fueling a massive surge in corporate balance sheets. Exxon reported $14.5 billion in second-quarter profits, while Chevron saw a nearly 400% increase compared to 2025, reaching $12 billion.

Despite the president’s verbal attack on the industry, critics remain skeptical of his commitment to reform. Campaigners point out that his administration has simultaneously sought to expand Arctic drilling and provide substantial subsidies to the fossil fuel sector. Activists are now demanding that Trump throw his weight behind the Big Oil Windfall Profits Tax Act, a bill introduced by Rep. Ro Khanna and Sen. Sheldon Whitehouse that has faced consistent obstruction from the Republican party in Congress. For 350.org and other organizations, the test is whether the president will pivot from public criticism to legislative action that forces the industry to pay for the economic and climate damage tied to its record earnings.