Full Breakdown
Trump Blames Big Oil for “Too Much Money” Amid Iran-War Price Surge
8/4/2026, 7:56:15 PM
The President’s Charge
On August 3, President Donald Trump told reporters at the White House that the nation’s two largest oil producers were “making too much money” because of a “shortage” created by the war in Iran. “Chevron: too much money. ExxonMobil: too much money,” he said, adding, “When we're finished with Iran, you're going to see oil prices drop through the floor.”
Background & Context
The United States and Israel began coordinated air strikes against Iran, prompting Tehran to close the Strait of Hormuz. The chokepoint handles roughly 20 percent of global oil shipments, and its shutdown pushed U.S. crude prices up about 20 percent. Brent crude, which traded near $70 per barrel before the strikes, peaked at roughly $126 by late April and settled around $85 per barrel in early August.
Data & Statistics
| Metric | Figure | Period |
|---|---|---|
| Chevron net income | $12.2 billion (? 400 % increase) | Q2, three months ended June 30 |
| ExxonMobil net income | $14.5 billion (? 2 × prior year) | Q2, April 1 – June 30 |
| Combined Q2 profit | $29 billion (? $318 million per day) | Q2 2026 |
| U.S. regular-gasoline price (average) | $4.10 per gallon | Early August 2026 (AAA) |
| Pre-war gasoline price | $2.98 per gallon | Earlier in the year |
| Brent crude price (early August) | ? $84 per barrel | August 2026 |
Official Statements & Responses
- The U.S. Department of Justice was directed in June to investigate possible price-gouging by gasoline retailers, a move the administration linked to the President’s criticism of oil majors.
Timeline
- Late February – U.S. and Israel launch strikes; Strait of Hormuz effectively closed.
- April 1 – June 30 – ExxonMobil reports $14.5 billion profit; Chevron reports $12.2 billion profit.
- June 30 – Chevron’s Q2 earnings released, showing the 400 % profit jump.
Why It Matters
The President’s remarks tie the profitability of the nation’s biggest oil firms directly to consumer fuel costs, framing the issue as a political liability ahead of the November midterm elections. The administration’s push for price reductions contrasts with industry statements that global market dynamics—not individual company actions—drive pump prices.
Verbatim Quotes
- “Chevron: too much money. ExxonMobil: too much money,” — Donald Trump, president
- “When we're finished with Iran, you're going to see oil prices drop through the floor,” — Donald Trump, president
