Story perspectives

Trump Urges Oil Giants to Cut Prices Amid Record Profits

8/5/2026

Summary

Story summary

President Donald Trump urged oil companies to lower U.S. gasoline prices during an Office address on Monday.
He said firms were profiting excessively from the shortage and should give back to the public.
ExxonMobil and Chevron posted record quarterly profits of $14.5 billion and $12.2 billion, far above prior-year earnings.
The average U.S. gasoline price was $4.11 per gallon, above the $2.25 per gallon Trump said should result from lower oil prices.

History

Historical Context

During the 1973 Arab oil embargo, OPEC lifted the posted price from $3.01 to $5.12 per barrel—a roughly 70 % jump—while Nixon’s Emergency Petroleum Allocation Act imposed a gasoline price ceiling, leading to nationwide rationing and long lines. The crisis showed how price caps can create shortages, a lesson echoed today as President Trump urges Exxon, Chevron and others to cut $4.11-per-gallon prices.

1 of 2

Story summary

President Donald Trump urged oil companies to lower U.S. gasoline prices during an Office address on Monday.
He said firms were profiting excessively from the shortage and should give back to the public.
ExxonMobil and Chevron posted record quarterly profits of $14.5 billion and $12.2 billion, far above prior-year earnings.
The average U.S. gasoline price was $4.11 per gallon, above the $2.25 per gallon Trump said should result from lower oil prices.

1 / 2