Donald Trump last week slammed US oil giants ExxonMobil and Chevron, saying they were "making too much money" from high oil prices during the Iran conflict and reiterated calls for lower oil prices. These oil giants achieved record-high profits of $48 billion and nearly $90 billion in cash flow in the second quarter. Analysis indicates that these companies primarily used the funds to hoard cash and repay debt to improve their balance sheets, rather than significantly increasing investment or returning money to shareholders. The Portuguese government last week approved a windfall tax on oil and refining companies, but the American Petroleum Institute warned that a windfall tax would not lower consumer prices and would instead hinder long-term investment.