KEY POINTS:
• President Donald Trump said ExxonMobil and Chevron were “making too much money based on a shortage” and should cut retail gasoline prices, according to Reuters, CNBC and The National on Aug. 3, 2026.
• ExxonMobil reported second-quarter 2026 earnings of $14.5 billion and Chevron reported $12.1 billion, according to the companies’ July 31 results.
• CNBC reported that U.S. gasoline averaged about $4.10 a gallon on Aug. 3, citing AAA, compared with $2.98 on Feb. 27, the day before the U.S. and Israel attacked Iran.
• Trump attacked Chevron Chairman and CEO Mike Wirth by name on Truth Social, writing that without his administration “the Oil Industry, and our Country itself, would be DEAD!” according to Reuters.
• The criticism came a day after Trump said he would hold off further strikes on Iran because parameters had been reached for a deal to reopen the Strait of Hormuz, The Associated Press reported.
President Donald Trump accused ExxonMobil and Chevron of profiting excessively from the war with Iran and demanded that both companies lower prices at the pump, Reuters reported on Aug. 3, 2026.
“They’re making too much money based on a shortage,” Trump told reporters, according to CNBC and The National on Aug. 3.
Fox Business reported that Trump said: “I don’t like it, and I should be the last one to say it because I’m a big free enterprise guy.” He added, “Nobody bigger,” according to the same outlet.
“Chevron, too much money. ExxonMobil, too much. Too much money,” Trump said, according to Fox Business and Reuters.
Fox Business reported that Trump also said: “When you look at one company where they made 12 times what they made the year before, they ought to give some of that back to the public, and they better cut the retail price, the consumer price.”
The National reported that Trump prefaced the remarks by asking, “You surprised I’m saying it?” and then said, “I’ll say it loud and clear. I’m not happy about it.”
The Truth Social post
Earlier the same day, Trump singled out Chevron’s chief executive in a post on Truth Social, according to Reuters.
“Mike Wirth, Chairman and CEO of Chevron, just gave, in an interview with the fabulous Maria Bartiromo, all of the reasons that his company is doing so well,” Trump wrote, according to Reuters. “The only thing he conveniently forgot to mention is that, without the genius, foresight, strength, and stability, of the TRUMP Administration, the Oil Industry, and our Country itself, would be DEAD!”
Reuters reported that Trump added: “As an example, they threw Mike and Chevron out of Venezuela, but now they’re back, far bigger and stronger than ever before, expecting to make a fortune!” The post concluded, according to Reuters: “That goes for other Oil Companies as well…and get your consumer (retail!) Oil Prices DOWN, NOW!”
Reuters reported that ExxonMobil and Chevron did not immediately respond to requests for comment. CBS News reported that ExxonMobil declined to comment.
The earnings behind the attack
ExxonMobil announced second-quarter 2026 earnings of $14.5 billion, or $3.48 a share, with cash flow from operations of $23.6 billion, according to the company’s July 31 results release.
“The second quarter was shaped by disruption, but defined by execution,” Chairman and Chief Executive Darren Woods said in that release.
Woods told CNBC’s “Squawk Box”: “Despite the temporary loss of approximately 10% of our upstream production, we delivered exceptional financial results, including industry-leading earnings of $14.5 billion and cash flow from operations of $23.6 billion.”
Chevron reported second-quarter 2026 net income of $12.1 billion, or $6.11 a share, according to the company’s Form 8-K filed with the Securities and Exchange Commission on July 31.
“Faced with geopolitical uncertainty and market volatility, Chevron’s people remain focused on safely delivering the reliable energy the world needs,” Wirth said in the company’s results release.
CNN Business reported on July 31 that ExxonMobil made about $160 million a day during the quarter.
Trump’s characterization of one company earning “12 times” its prior-year figure does not match the reported increase. CNBC reported on July 31 that Chevron’s profit rose nearly 400% year over year.
Prices, and a possible ceasefire
CNBC reported on Aug. 3 that U.S. crude oil prices had gained about 20% since the U.S. and Israel attacked Iran on Feb. 28, and that U.S. oil futures closed at an average of about $92 a barrel from April through June, roughly 27% above the first quarter.
Citing AAA, CNBC reported that gasoline averaged about $4.10 a gallon nationwide on Monday, nearly 40% higher than the $2.98 drivers paid on Feb. 27, before the war began.
Trump’s comments followed his announcement a day earlier. The Associated Press reported on Aug. 2 that Trump said he would order a halt to strikes on Iran after parameters were reached for a deal that “would include the Immediate, Complete, and Total OPENING OF THE HORMUZ STRAIT, and an end to Iran’s nuclear threat.”
Oil fell on the news. The National reported that West Texas Intermediate dropped about 5.3% to around $80.15 a barrel on Aug. 3.
Wirth had warned about supply risk the previous day. “We now see, not only the Strait of Hormuz, but the Red Sea and the Black Sea have risks and uncertainties. So, some of the challenges have expanded, and the risks to supply are very real,” Wirth said on Fox’s “Sunday Morning Futures with Maria Bartiromo,” according to Fox News on Aug. 2.
It is not the first time Trump has targeted the industry over pump prices. NBC News reported on June 24 that Trump accused oil companies of “gouging” customers and said he had instructed the Justice Department to investigate.
The National reported that a Quinnipiac University poll found 54% of voters blamed Trump “a lot” for rising petrol costs.
The Associated Press reported that Trump described the current round of talks as Iran’s “last chance” for a deal to end the war.
This is a developing story. Information may be incomplete and will be updated as more details become available.
