Trump urges oil majors to share profits as gas prices surge

2026-08-04

U.S. President Donald Trump criticized Chevron and Exxon Mobil on the 3rd, telling reporters at the White House that they were 'making too much money' because of supply shortages. He said they should return part of their profits to society and lower retail gasoline prices.

Trump renews call for lower gasoline prices

On the same day, Trump also posted on social media that gasoline prices for consumers should be 'cut immediately.' The average U.S. gasoline price has risen above $4 per gallon again, and ahead of the November midterm elections, Trump is growing increasingly dissatisfied with the strong-performing oil industry.

Trump also hits back at Chevron's high profits

In another post, Trump referred to Chevron Chief Executive Officer Mike Wirth explaining on a television program why the company's performance was strong. Trump then claimed that without the Trump administration's 'brilliant skill' and 'foresight,' the oil industry would have declined.

Chevron said on July 31 that its net profit for the April-June quarter of 2026 was $12.072 billion, 4.8 times the figure for the same period a year earlier. In addition to higher crude oil prices caused by disruption in the Middle East's Strait of Hormuz following a military confrontation with Iran, a large acquisition completed last year also boosted profits.

According to Reuters, Chevron said in an internal email on the 3rd that it plans to pay employees special bonuses. The amount is said to be equivalent to half of their monthly base salary.

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