Trump Demands ExxonMobil and Chevron Cut Gas Prices Following Record Quarterly Profits

President Donald Trump directed rare executive criticism at top U.S. energy corporations on Monday, demanding that ExxonMobil and Chevron lower retail gas prices and return a portion of their war-inflated profits to the American public.

Speaking from the Oval Office, Trump targeted the record earnings reported by the nation’s two largest oil companies following market spikes triggered by the military conflict with Iran. ExxonMobil reported $14.5 billion in second-quarter 2026 earnings—double its profit from the same period last year—while Chevron generated $12 billion, marking its highest quarterly profit in at least six years. “They’re making too much money, okay, based on a shortage,” Trump told reporters. “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, stating “Nobody bigger.”

Trump explicitly demanded lower prices at the pump as crude oil benchmarks dropped. “Chevron, too much money. ExxonMobil, too much. Too much money,” Trump 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. I’ll say it loud and clear. I’m not happy about it.”

The administration’s pressure campaign extended to social media, where Trump singled out Chevron CEO Mike Wirth following his appearance on “Sunday Morning Futures with Maria Bartiromo.” In a post on Truth Social, Trump wrote: “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!” He referenced federal intervention in foreign markets, adding, “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!”

Chevron’s operations in Venezuela remain anchored by specific U.S. Treasury Department authorizations—OFAC licenses allowing limited oil extraction despite economic sanctions against Caracas. White House clashes with major refiners frequently emerge when national gas prices cross key consumer thresholds, such as the AAA national gas price topping $4 amid renewed U.S. strikes on Iran.

Crude oil prices tumbled on Monday as signs emerged that U.S.-Iran tensions were easing following Trump’s decision to pause military strikes. Retired Gen. Jack Keane highlighted how market volatility responded directly to the administration’s push for diplomatic talks. Peter Cardillo, chief market economist at Spartan Capital Securities in New York, noted that “the sharp drop in oil prices, due to Trump’s cancellation of severe attacks against Iran and hopes of a diplomatic resolution, set the ball rolling this morning.” Trump predicted retail gasoline prices would “drop through the floor” once the war with Iran concludes.