Donald Trump blames oil majors for high gas prices amid Iran war
President Donald Trump publicly criticized ExxonMobil and Chevron, saying the companies earned excessive profits from the war‑related oil shortage and should lower retail gasoline prices. He cited their second‑quarter 2026 earnings—$14.5 billion for ExxonMobil and about $12 billion for Chevron—and demanded that part of the windfalls be returned to consumers.
Trump linked the United States’ gasoline price of roughly $4.08‑$4.10 per gallon to the ongoing conflict with Iran and the closure of the Strait of Hormuz, which blocks about one‑fifth of global crude flows. He warned that prices could rise again while the war continues, but predicted a sharp drop if a deal reopens the strait, estimating gasoline could fall to about $2.50 per gallon.
The president also claimed the United States is extracting large volumes of Venezuelan oil and defended the action as a rightful benefit of the recent U.S. operation in Venezuela. Meanwhile, the U.S. strategic petroleum reserve has fallen to a 45‑year low, holding only about 43 days of emergency crude supply.
Entities: Chevron · Donald Trump · ExxonMobil · Iran · Strait of Hormuz · Venezuela
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [● 6 SOURCES] Trump urged ExxonMobil and Chevron to lower retail gasoline prices for consumers. (multiple)
- [● 3 SOURCES] Trump claimed the United States is extracting large volumes of oil from Venezuela. (multiple)
- [○ 1 SOURCE] Trump criticized tariffs and the Iran war as major drivers of price spikes for consumers. (Trump)
- [○ 1 SOURCE] The U.S. strategic petroleum reserve holds about 43 days of emergency crude supply, a 45‑year low. (multiple)
- [● 6 SOURCES] ExxonMobil reported $14.5 billion in second‑quarter 2026 earnings. (multiple)
- [● 2 SOURCES] Trump warned that gasoline prices could rise again while the war with Iran continues. (multiple)
- [● 3 SOURCES] Trump linked the Iran‑Israel strikes and the closure of the Strait of Hormuz to U.S. gasoline prices of about $4 per gallon. (Trump)
- [● 2 SOURCES] Trump said a deal to reopen the Strait of Hormuz could lower gasoline prices to about $2.50 per gallon. (multiple)
- [● 3 SOURCES] Average U.S. gasoline price was about $4.08 per gallon. (multiple)
- [● 4 SOURCES] Chevron reported about $12 billion in second‑quarter 2026 earnings. (multiple)