Trump Demands Exxon and Chevron Cut Gas Prices Amid War-Driven Profits

President Donald Trump demanded that ExxonMobil and Chevron cut their retail gas prices after reporting windfall profits tied to the war in Iran. The companies' earnings surged, with Chevron posting a nearly 400% gain in its second-quarter profit. Their combined profit reached $29 billion, more than three times their earnings from the same period last year.

The Strait of Hormuz disruption led to a significant increase in crude oil prices, which averaged around $92 per barrel across the second quarter. Gas prices followed suit, reaching about $4.10 per gallon nationwide. Trump argued that the companies must pass on some of their earnings to drivers.

Trump also directed criticism at Chevron CEO Mike Wirth, saying he had failed to credit the administration's pro-fossil fuel policies during a Fox Business Network interview. Shares of Exxon and Chevron fell on Monday as crude oil prices dropped 5% due to hopes that US-Iran talks could prevent further escalation.