U.S. President Donald Trump has publicly attacked major U.S. oil companies, accusing ExxonMobil and Chevron of exploiting the global energy crisis following the Iran war.
Speaking to reporters in the Oval Office on Monday, August 3, the President lashed out at oil companies’ recent blockbuster quarterly earnings (Chevron reporting $12.2 billion profit and ExxonMobil posting $14.5 billion).
Trump said: “Chevron: too much money. ExxonMobil: too much money. They’re going to give some of that back to the public and they better cut the retail price.”
These remarks were made against a backdrop of mounting political challenges facing the White House leading into the midterm election this fall. With Trump’s popularity rating reaching an all-time low with less than a third of people approving of his work in a recent CNNpoll, the White House must confront the consequences of its foreign policy at home.
As Brent crude has dropped to $85 from a war-like price of $126 per barrel, American gasoline remains stubbornly high, averaging $4.11 per gallon, a 30% rise since attacks began on Iran in February.
2026-08-04 20:05:00
