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Commodities

Trump Tells Oil Companies to Cut Gas Prices Amid Excessive Profits

Guavy AI Editorial Team
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Oil
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US President Donald Trump has urged oil companies to cut gas prices, stating that they 'made too much money' from high oil prices due to the Iran war. Speaking at the Oval Office during an executive order signing on August 3, 2026, Trump said that Chevron and ExxonMobil have profited excessively from higher oil prices.

Trump specifically criticized Chevron CEO Mike Wirth for failing to praise the Trump administration's support of the energy industry. The president claimed that Wirth had 'conveniently forgot' to mention the role his administration played in helping the oil industry, adding that without their efforts, the industry would be 'DEAD!'

The Energy Information Administration states that crude oil accounts for 51% of the cost of a gallon of gas, making it the biggest factor in determining prices at the pump. Trump predicted that oil prices will 'drop through the floor' when the Iran conflict is over.

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