On Monday, August 3rd, 2026, President Trump publicly urged U.S. oil companies to reduce gasoline prices, asserting that the energy giants have "made too much money" from high oil prices driven by the ongoing conflict involving Iran. Speaking at the Oval Office during an executive order signing, Trump emphasized that companies profiting significantly—citing one that made 12 times its previous year's earnings—should return some of those gains to consumers by cutting retail prices.

Trump specifically criticized major firms such as Chevron and ExxonMobil for benefiting from the surge in oil prices, which have risen as the war disrupted crude flows through the Strait of Hormuz. He predicted that oil prices would "drop through the floor" once the Iran conflict ends.

Despite a recent decline of more than 4% in Brent crude prices to about $84 a barrel amid diplomatic hopes, oil prices remain substantially higher than pre-war levels. U.S. gasoline prices have increased to over $4 per gallon from approximately $3 before the conflict.

A recent CBS News poll found that about half of Americans report elevated fuel costs are causing financial difficulties, and roughly eight in 10 respondents believe the Trump administration is not doing enough to lower consumer prices.

According to the Energy Information Administration, crude oil accounts for 51% of the cost of a gallon of gas, making it the largest factor influencing pump prices.

Trump's remarks come amid ongoing public concern over fuel affordability and follow similar criticisms of oil company profits by his predecessor during a period of inflation.

Notable Quotes

  • "I'll say it loud and clear: I'm not happy about it," Trump said regarding oil company profits.
  • "The only thing he conveniently forgot to mention is that, without the genius, foresight, strength, and stability, of the TRUMP Administration, the Oil Industry, and our Country itself, would be DEAD!," Trump added.
  • Trump pressed oil companies to do more to help consumers during the Oval Office event.

Sources