Trump Slams Exxon and Chevron for 'Too Much Money' From Soaring Fuel Prices
President Donald Trump has criticized oil giants Exxon and Chevron for making 'too much money' from soaring fuel prices. Speaking to reporters on August 3, 2026, Trump said he doesn't like it that these companies are profiting so heavily as the Iran war drives up costs.
The average gas price in the US is currently $4.08 a gallon, according to AAA, and prices have jumped since the U.S.-Iran conflict began earlier this year. Trump believes that once the Iran war concludes, oil prices will fall substantially.
Trump also took issue with Chevron Chief Executive Mike Wirth's appearance on Fox News, claiming he failed to credit the administration's efforts in helping the oil industry. In a post on his Truth Social platform, Trump wrote that 'without the genius, foresight, strength, and stability of the TRUMP Administration, the Oil Industry, and our Country itself would be DEAD!'
Trump has been pushing for lower oil prices and has accused these companies of not giving back to the public. He believes they should share some of their profits with consumers.