Gavin Newsom Says Trump Delivering ‘Windfall’ Profits For 'Big Oil' Giants XOM, CVX Amid Iran War—Bernie Sanders Says Surge Is ‘Beyond Unacceptable’

Key takeaways

• Oil giants are posting record profits amid rising gas prices, drawing sharp political criticism that could sway investor sentiment and policy debate.
• ExxonMobil adjusted earnings 130% to $17.5 billion
• Chevron adjusted earnings 185% to $10.4 billion
• Shell adjusted earnings nearly doubled

What happened

California Governor Gavin Newsom and Senator Bernie Sanders publicly criticized President Donald Trump for allegedly giving big oil companies a windfall during the Iran conflict, citing sharp profit jumps for ExxonMobil, Chevron, and Shell while gas prices rise. Newsom’s post highlighted ExxonMobil’s adjusted earnings up 130% to $17.5 billion and Chevron’s up 185% to $10.4 billion. Sanders added that gas prices have climbed 39% since the war began, with Exxon’s profits up 130%, Chevron’s 185%,…

Why it matters

The remarks spotlight the tension between rising consumer fuel costs and soaring oil company profits, potentially influencing public opinion ahead of the November 3 midterm elections. They also raise questions about the President’s personal financial interests in oil firms, which could affect policy decisions and…

Short-term and longer-term

Short-term. Over the next few days, oil shares may react to the political backlash, with potential short‑term swings as investors weigh the risk of regulatory scrutiny.

Longer-term. In the months ahead, the narrative could prompt increased scrutiny of executive holdings and energy policy, potentially affecting long‑term valuation of oil majors.