President Donald Trump is turning up the pressure on two of America’s biggest energy companies, saying their soaring profits should translate into lower gasoline prices for hardworking Americans.
Speaking from the Oval Office on Monday, Trump criticized ExxonMobil and Chevron after both companies reported blockbuster quarterly earnings while many families continue paying elevated prices at the pump.
“I don’t like it,” Trump said when asked about the companies’ latest financial results.
The president, who has consistently argued that lowering energy costs is essential to strengthening the U.S. economy, said consumers should benefit when major oil companies enjoy record-breaking profits.
Trump Says Big Oil Is Making Too Much Money
Trump did not hold back as he discussed the latest earnings from the nation’s largest oil producers.
“They’re making too much money, okay, based on a shortage,” Trump said.
Although the president emphasized that he strongly supports free enterprise and American businesses, he argued that extraordinary profits during periods of high fuel prices should not come at the expense of American families.
Trump described himself as a strong supporter of free-market principles but said that doesn’t mean major oil companies should avoid criticism. He argued that both Chevron and ExxonMobil are generating excessive profits while consumers continue to face high fuel prices.
Trump argued that companies benefiting from higher oil prices should pass some of those gains directly to drivers by reducing gasoline prices across the country.
Trump argued that when a company earns many times more than it did a year earlier, it should return some of those gains to Americans by lowering prices at the pump.
“I’ll say it loud and clear. I’m not happy about it.”
ExxonMobil And Chevron Report Massive Quarterly Earnings
Trump’s comments came after both companies announced exceptionally strong financial results.
ExxonMobil reported approximately $14.5 billion in second-quarter profits for 2026, roughly doubling its earnings from the same quarter a year earlier.
Chevron also posted impressive results, earning approximately $12 billion, marking its strongest quarterly performance in six years.
The surge in profits came as global oil markets reacted to the conflict involving Iran. During the height of the uncertainty, crude oil prices briefly climbed above $100 per barrel, contributing to higher fuel costs across the United States.
Gasoline prices also increased sharply, with the national average reaching as high as $4.56 per gallon earlier this year. While prices have eased somewhat, Americans are still paying around $4.09 per gallon for regular gasoline—nearly one dollar more than at the same time last year.
For many retirees, commuters, and families living on fixed incomes, higher fuel costs continue to affect household budgets while also increasing the cost of transporting groceries and other everyday goods.
Trump Predicts Gas Prices Will Fall
Despite current prices remaining elevated, Trump expressed confidence that relief is coming.
The president predicted gasoline prices would “drop through the floor” once the United States is finished dealing with the conflict involving Iran.
Lower energy prices have been a central part of Trump’s economic message, with the administration arguing that increased domestic production and stable global markets can help reduce costs for consumers.
Chevron CEO Draws Trump’s Attention
Earlier Monday, Trump also singled out Chevron CEO Mike Wirth following an interview on Fox Business with host Maria Bartiromo.
In a post on Truth Social, Trump said Wirth explained why Chevron has been so successful but failed to acknowledge what the president believes made that success possible.
Trump wrote that Wirth failed to acknowledge what he described as the Trump administration’s role in strengthening the U.S. oil industry, arguing that without its leadership, the industry—and even the country—would be in far worse shape.
The president also pointed to Chevron’s return to operations in Venezuela after previously being forced out, saying the company now stands to earn substantial profits because of changing circumstances.
Trump added that other major oil companies are also benefiting from his administration’s policies but said they should reward American consumers by lowering prices at the pump.
“And get your consumer (retail!) Oil Prices DOWN, NOW!” Trump wrote.
Trump Previously Ordered Investigation Into Fuel Prices
This is not the first time Trump has publicly challenged major energy companies over gasoline prices.
In June, after crude oil prices declined while prices at the pump remained relatively high, the president accused parts of the oil industry of unfairly keeping fuel prices elevated.
Trump said American consumers were being “gouged” and directed the Department of Justice to investigate whether some oil companies were failing to pass lower crude oil costs on to drivers.
The administration has repeatedly argued that competitive fuel prices are essential for lowering inflation, reducing transportation costs, and helping families keep more of their paychecks.
Energy Prices Remain A Major Concern For Americans
Gasoline prices remain one of the most closely watched economic issues in the country because they directly affect millions of Americans every day. Higher fuel costs often lead to increased prices for food, shipping, travel, and other essential goods and services.
Trump’s latest remarks signal that his administration intends to keep public pressure on major energy companies while pushing for lower gasoline prices and greater relief for American consumers.
Whether ExxonMobil, Chevron, or other major oil producers respond remains to be seen. However, with energy prices continuing to dominate economic discussions, the debate over corporate profits and what Americans pay at the pump is likely to remain in the national spotlight.