President Donald Trump criticized major U.S. oil companies ExxonMobil and Chevron over soaring fuel prices and massive quarterly profits, demanding immediate retail price cuts as pump costs exceed $4 per gallon amid ongoing market disruptions in the Middle East.
American drivers are facing steep fuel costs as the national average for regular gasoline climbs past $4 per gallon, marking a roughly 30% increase since the start of President Donald Trump’s second presidential term. The financial squeeze has turned energy costs into a central economic and political pressure point, threatening Republican congressional majorities ahead of the upcoming November midterm elections as control of both chambers of Congress hangs in the balance. For the Republican Party, the soaring cost of living and expensive gasoline create additional risks in November, when the party could lose its majority in the House of Representatives and control of the Senate.
ExxonMobil and Chevron Post Surging Profits Amid Middle East Conflict
The price spikes at the pump coincide with financial windfalls for major domestic energy producers. According to Bloomberg, ExxonMobil and Chevron collectively pulled in 29 billion dollars in profit during the second quarter of 2026, which amounts to about 318 million dollars each day. That daily figure is more than three times higher than the figures recorded for the same period during the previous year.
Market turbulence and rising global crude values are tied to the crisis in the Hormuz Strait, alongside increased profitability at oil refineries producing gasoline, diesel, and aviation fuel. The disruption intensified after a U.S. attack on Iran in February, following which Tehran retaliated by blocking access to the Hormuz Strait and disrupting world oil exports. Although global crude oil prices fell after President Trump stepped back from a planned “massive attack” on Iran over the weekend, cheaper raw materials do not always quickly translate into lower prices at service station pumps.
White House Demands Immediate Relief for Retail Consumers
Speaking to reporters at the White House, President Trump expressed frustration with the energy sector’s financial gains during a wartime crisis, emphasizing that the situation does not satisfy him.
Because of shortages, they’re making too much money. I don’t like it. I probably shouldn’t say it, because I’m the biggest free enterprise guy… But I’ll say it loud and clear: I’m not happy about it. Donald Trump, U.S. President
The administration’s friction with oil leadership deepened when President Trump directed specific criticism at Chevron Chief Executive Officer Mike Wirth following a television interview on Fox News. Trump was angered that the executive failed to highlight the current administration’s contributions to supporting the oil industry and returning American business to Venezuela.
The only thing he conveniently forgot to mention was that without the genius, vision, strength, and stability of the Trump administration, the oil industry and our country itself would no longer exist, Donald Trump, U.S. President, via Reuters
As an example, Trump pointed to Chevron’s work in Venezuela, noting that the company had previously been pushed out of the country but has now returned with much stronger positions and anticipates significant profits.
This goes for other oil companies too. Lower prices for consumers in retail—immediately! Donald Trump, U.S. President, via Reuters and Truth Social / UNN
Industry Defenses and Broader Corporate Earnings
Energy corporations have pushed back against the administration’s claims, denying accusations of speculative price gouging and arguing that they lack sufficient market share to unilaterally determine fuel costs. Yet recent financial reports across major energy companies—including Exxon Mobil, Chevron, Valero Energy, and Marathon Petroleum—showed substantial profit increases. Valero registered its best quarterly result since the 2022 energy crisis, while Chevron posted its highest quarterly revenues in the past six years.
As the administration looks toward Washington expecting a quick start to a new round of talks with Iran aimed at achieving agreements for the full restoration of navigation in the Hormuz Strait and settling the Iranian nuclear program, gasoline prices in the U.S. have climbed by nearly 50% since the beginning of the war with Iran. Meanwhile, U.S. Ambassador to NATO Matthew Whitaker stated that an agreement between Washington and Kiev regarding the joint production of rockets for Patriot systems should not be expected by winter, noting that such a project requires more time even as defense industry cooperation between the countries continues.
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