Trump Demands Oil Majors Cut Gas Prices, Reprimands Chevron CEO

U.S. President Donald Trump on Monday, August 3, 2026, demanded that ExxonMobil and Chevron lower consumer gasoline prices, according to Forbes México, and reprimanded Chevron CEO Mike Wirth for failing to acknowledge, in a television interview, the Administration's support for the oil sector.

The pressure comes amid a price surge linked to the conflict with Iran. Brent crude climbed from around $70 per barrel before the late-February attacks to a peak of $126 in late April, and now trades near $85, according to The Guardian. Gasoline averages $4.11 per gallon in the U.S., per data from the AAA automobile club, and the cost of living poses a political risk for the Republican Party ahead of November's midterm elections.

Quarterly results published last week are intensifying the pressure. Chevron reported a record profit of $12.2 billion in the second quarter, five times the prior-year figure. ExxonMobil earned $14.5 billion, double its performance in the same period of 2025 and its best quarter since Russia's invasion of Ukraine in 2022, according to The Guardian. Altogether, U.S. oil companies posted more than $26 billion in profits for the quarter ending in June, while BP doubled its earnings to $5.7 billion and Valero Energy recorded its highest quarterly profit since the energy crisis of 2022, according to Forbes México. Trump said the companies will return a portion of those gains to the public and directed the Department of Justice to investigate possible price gouging in the retail sector. BP CEO Meg O'Neill responded that the company sells a global commodity whose price it does not control.

The key variable to watch is whether gas stations adjust consumer prices in the coming weeks. The Administration says it has no plans to ban crude or refined product exports, though some analysts consider a revision of that position possible if pump prices continue to climb.

This article was written with artificial intelligence assistance, drawing on verified sources, and reviewed by a human editor before publication.