Trump criticized ExxonMobil and Chevron over their record profits and gas prices

U.S. President Donald Trump criticized the country’s two largest oil companies—ExxonMobil and Chevron—for their record profits driven by high oil prices and called on the companies to lower gas prices for Americans. Trump also accused Chevron’s CEO of failing to properly acknowledge the White House administration’s role in the oil industry’s success.

Trump believes that the largest U.S. oil companies are making excessive profits amid rising fuel prices. He called on the companies to share their profits with consumers. “I don’t like this. They’re making too much money. [...] They should give some of their profits back to the people. And they’d better lower retail prices—the prices for consumers,” Trump said on August 3. Trump noted that he was saying this even despite his commitment to free-market principles.

ExxonMobil and Chevron’s financial results sparked criticism. In the second quarter of 2026, the companies collectively earned $26.5 billion, with Chevron’s profit soaring fivefold to a record high for the company. ExxonMobil’s net income doubled, marking its best performance since 2022. Bloomberg cited the surge in global oil prices due to the crisis surrounding the Strait of Hormuz as the main factor behind the revenue growth; however, profits also increased significantly for oil refineries selling gasoline, diesel, and jet fuel.

An interview on August 3 by Chevron CEO Mike Wirth with Fox Business sparked another wave of criticism of Trump. The CEO attributed the strong results to record-high U.S. oil production and high utilization rates at oil refineries. In response, Trump wrote on Truth Social that Wirth “forgot to mention” that without his administration’s policies, the oil industry “would be dead.” However, in the interview itself, Wirth did note that the Trump administration had “greatly helped” increase oil supply and that its policies were the right ones.

Against the backdrop of the president's statements, Chevron shares closed 1.85% lower on August 3, while ExxonMobil shares fell 0.24%.

The average price of regular gasoline in the U.S. exceeds $4 per gallon—about 30% higher than it was when Trump took office, according to Bloomberg. On June 24, Trump instructed the Justice Department to investigate why gas prices are not falling, suggesting the possibility of price gouging by oil companies, Bloomberg reports. Industry representatives reject such accusations, arguing that individual producers are not capable of significantly influencing market prices, Bloomberg notes. For the U.S. president, the issue of gas prices is a sensitive one, as voters are increasingly giving Trump low marks for his handling of the economy and the war, which threatens the Republican Party’s chances in the November midterm elections, according to Bloomberg.

Trump’s current rhetoric largely mirrors the approach taken by former President Joe Biden, who, after the conflict in Ukraine began, also repeatedly accused major oil companies of reaping windfall profits from rising gas prices, Bloomberg concludes.

This article was AI-translated and verified by a human editor