Trump Demands Oil Giants Lower Gas Prices Amid Record Profits

President Donald Trump demanded that major oil companies immediately lower retail gasoline prices after national averages exceeded $4 per gallon. Speaking from the White House and via Truth Social, Trump accused ExxonMobil and Chevron of making too much money, citing combined second-quarter profits of approximately $27 billion. He urged the companies to return these windfall gains to the public to provide financial relief to consumers.

The profit surge followed a conflict launched by the U.S. and Israel against Iran in February 2026, which led to the closure of the Strait of Hormuz and drove crude oil prices to peaks of $126 per barrel. Trump specifically targeted Chevron CEO Mike Wirth, criticizing him for failing to credit the administration's energy policies for the company's success, including its return to operations in Venezuela.

Industry leaders and trade groups disputed the claims of price gouging. ExxonMobil CEO Darren Woods attributed high pump prices to refinery capacity bottlenecks rather than crude costs, while the American Petroleum Institute stated that prices are driven by global supply and demand. To address the costs, Trump previously directed the Department of Justice and the Federal Trade Commission to investigate potential price gouging.

While Trump paused military strikes against Iran to pursue diplomatic talks—which led to a brief decline in some regional gas prices—he maintained that any deal requires the immediate reopening of the Strait of Hormuz. He also proposed reopening closed refineries to increase supply, though industry analysts questioned the viability of aging facilities.