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6d ago

Trump Presses Exxon and Chevron to Cut Gas Prices After $26.5 Billion in Q2 Profits

The president publicly rebuked the oil majors to pressure lower pump prices as markets, policy actions and an election calendar shape the response.

President Donald Trump answers questions from the media after signing an executive order establishing the President's Military Spouse Commission in the Oval Office at the White House in Washington, D.C., U.S., August 3, 2026.

Overview

  • On Monday, President Trump used public remarks and a Truth Social post to demand that ExxonMobil and Chevron immediately lower retail gasoline prices and singled out Chevron CEO Mike Wirth for criticism.
  • ExxonMobil and Chevron reported roughly $26.5 billion in combined second‑quarter profits, with Exxon about $14.5 billion and Chevron about $12 billion, results executives tied to higher crude and strong refining margins.
  • Oil futures fell sharply after Trump paused a planned strike on Iran and signaled negotiations, with West Texas Intermediate down more than 6% and Brent down over 5% in that session.
  • Retail gasoline has stayed elevated near the $4.10 per gallon range because station owners sell existing inventory, U.S. refining capacity is tight, and repeated Strategic Petroleum Reserve withdrawals have reduced spare emergency stocks.
  • The administration is using public pressure, a June Justice Department review and policy moves such as reopening Venezuela for exports to try to force consumer relief while industry groups say global supply, shipping‑lane risks and refining limits explain prices.