Trump urges ExxonMobil and Chevron to slash gasoline prices amid record profits

President Donald Trump publicly rebuked ExxonMobil and Chevron on August 3, 2026, accusing the oil supermajors of raking in excessive profits and demanding they cut gasoline prices. Trump’s criticism came as regular gasoline in the U.S. averaged more than $4 per gallon, despite soaring global energy disruptions tied to the war in Iran that he launched alongside Israel in February. Both ExxonMobil and Chevron more than doubled their second-quarter net income, but instead of passing profits to consumers, the companies allocated the funds toward debt reduction. Trump framed the issue as a matter of fairness, telling reporters at the White House, “I don’t like it. I should be the last one to say because I’m a big free enterprise guy, nobody bigger. You surprised I’m saying it? I’ll say it loud and clear. I’m not happy about it.” The president has faced mounting political pressure over the economic fallout from the war, with voters blaming him for rising costs across housing, food, and consumer goods. In June, Trump ordered the Justice Department to investigate why gasoline prices had not fallen, suggesting possible price gouging by oil companies. The move reflects a broader effort to shift blame for high fuel prices onto corporate entities, even as the administration grapples with declining approval ratings ahead of the November midterm elections.