Attack on the major American oil companies launched on Monday (3/8) the president of the US, Donald Trump, accusing them of taking too much profit from the deficiencies caused by the war in the Middle East and calling on them to reduce prices in the pump.
The US President's statements were made a few days after the publication of its financial results ExxonMobil and Chevron for the second quarter of 2026, which recorded a spectacular increase in their profits amid the turmoil in international energy markets.
«I don't like this. They earn too much money. They benefit from shortages and make too much», Donald Trump told reporters.
President Trump says that despite high oil prices, companies like Chevron and Exxon Mobil are making "too much money," amid the U.S. — Iran war: "I don't like it... They thought to give some of that back to the public." pic.twitter. com/pcYg3BlsRf
— CSPAN (@cspan) August 3, 2026
Although he assured that he was apparently in favour of freedom of operation, he argued that ExxonMobil and Chevron are among the companies that have benefited most from the consequences of the war with Iran.
The president of the US insisted that oil companies should transfer some of their increased profits to consumers by reducing fuel prices.
«When you see that a company took out the 12 times as much as the previous year, it should return some of the profits to the citizens.», report.
As he added, «is in their interest to reduce prices in the pump».
At $14.5 billion ExxonMobil's earnings
The two energy giants released their results for the second quarter of the year on Friday (31/7).
ExxonMobil announced net earnings of $14.5 billion, more than twice as high as the corresponding period of the previous year. These are the company's highest quarterly profits after the 2022 energy crisis.
Chevron recorded profits of about $12.1 billion, an amount nearly five times as much as in the respective quarter of 2025. Overall, the two companies showed profits of about $26.5 billion.
Despite a spectacular increase in their economic size, the two companies avoided directly yielding their income to the Middle East war.
Their results were linked, inter alia, to the increase in crude oil and fuel prices, enhanced production and higher profit margins in refining, while war conflicts have reduced global energy supply.
Political pressure from accuracy to fuel
The rise in fuel prices is one of the factors that have kept inflation high since the beginning of the year, further burdening the cost of living American households.
The issue has taken on strong political dimensions, as there are three months left until the mid-term elections of 3 November 2026. Democrats attempt to politically exploit citizens' dissatisfaction with accuracy, while Donald Trump was campaigning to limit the cost of living.
Pressure on energy companies is increasing as the average price of gasoline in the US has increased significantly, with the White House considering ways to intervene in the market and Trump demanding lower prices for consumers.
The effects of the Straits of Hormuz
The energy crisis has deteriorated due to serious problems in the passage of ships from the Straits of Hormuz, one of the most important maritime channels for the global transport of oil and gas.
The movement of merchant ships remains extremely limited due to the war and attacks on tankers, with international markets monitoring efforts to deescalate tension and restore navigation.
From the Straits of Hormuz passes about 20% of world oil production, while damage to energy infrastructure in the region, mainly in Qatar, has further affected the production and supply of international markets.
