President Donald Trump known as on ExxonMobil and Chevron to chop US gas costs after the oil majors earned roughly $26.5 billion mixed through the second quarter.
Trump calls for decrease gas costs
Trump criticized ExxonMobil and Chevron on the White Home on Monday, arguing that offer stress linked to the Iran warfare had allowed the businesses to earn extreme income.
“They’re making an excessive amount of cash based mostly on a scarcity,” Trump informed reporters. “I don’t prefer it.”
President Trump says that regardless of excessive oil costs, firms like Chevron and Exxon Mobil are making “an excessive amount of cash,” amid the U.S. — Iran warfare: “I do not prefer it… They ought to offer a few of that again to the general public.” pic.twitter.com/pcYg3BlsRf
— CSPAN (@cspan) August 3, 2026
The president urged each firms to go a part of their good points again to customers by way of decrease retail costs.
“Chevron, an excessive amount of cash. ExxonMobil, an excessive amount of cash,” Trump stated. “They’re going to offer a few of that again to the general public.”
The remarks marked an uncommon rebuke of two firms which have typically benefited from Trump’s assist for expanded US oil and fuel manufacturing. Trump additionally criticized Chevron CEO Mike Wirth, claiming he had not given the administration sufficient credit score for insurance policies that supported the corporate’s operations in Venezuela.
Exxon and Chevron income surge
ExxonMobil reported second-quarter earnings of $14.5 billion, or $3.48 per share, in contrast with $7.1 billion a 12 months earlier. Adjusted earnings reached $14.7 billion, whereas working money circulate totaled $23.6 billion.
The corporate returned $9.4 billion to shareholders by way of $4.3 billion in dividends and $5.1 billion in share buybacks, in response to its quarterly outcomes.
Chevron earned $12.1 billion throughout the identical interval, up from about $2.5 billion within the second quarter of 2025. The corporate additionally reported report US manufacturing and a 20% enhance in worldwide output, in response to Chevron.
Larger crude costs and wider refining margins helped each firms offset rising prices. The Iran warfare pushed West Texas Intermediate crude as excessive as $109.64 per barrel through the quarter, in contrast with $65.17 earlier than the battle intensified.
Iran warfare retains stress on US customers
US gasoline costs have climbed by greater than 30% since america and Israel started strikes in opposition to Iran, rising stress on family budgets forward of the midterm elections.
The Strait of Hormuz stays central to the value outlook as a result of it serves as a serious route for international oil and liquefied pure fuel shipments. Restrictions, tanker assaults, and the US blockade have disrupted regular site visitors by way of the waterway.
The American Petroleum Institute defended the trade’s earnings, saying gas costs mirror international market situations fairly than selections by particular person producers. Crude oil prices, refining margins, distribution bills, and taxes all contribute to retail gasoline costs.
Trump stated costs would fall sharply if the warfare ended. Nonetheless, the administration has no direct authority to set the retail costs charged by oil firms or impartial gas stations.
Oil falls as Trump pauses Iran strikes
Oil costs dropped on Monday after Trump known as off one other deliberate strike in opposition to Iran and stated negotiations might reopen the Strait of Hormuz.
WTI crude fell greater than 5% to round $80 per barrel, whereas US gasoline futures additionally declined practically 5%. The retreat mirrored expectations {that a} diplomatic settlement might restore extra transport exercise and scale back provide dangers.
Trump described the negotiations as Iran’s “final probability” to safe an settlement. He stated the proposed talks would handle the strait first earlier than transferring to Iran’s nuclear program.
Tehran disputed Trump’s account, saying it was not negotiating instantly with Washington. Iranian officers stated they have been as an alternative holding discussions with Oman over a short lived secure route by way of the strait, leaving the timing and scope of any settlement unsure.
