Trump Criticizes Chevron and Exxon Mobil for High Profits Amid Gas Price Concerns

President Donald Trump expressed concerns regarding the profits of Chevron and Exxon Mobil during a press conference on August 1, 2026. He stated that the companies are making 'too much money' as gas prices rise amid the ongoing conflict with Iran. Trump emphasized that he is a proponent of free enterprise but believes that consumers should benefit from lower prices. He mentioned that the national average gas price was $4.10 per gallon, an increase from $3.82 a month prior and $3.15 a year earlier, according to AAA. Chevron reported a net income of $12.2 billion for the second quarter of 2026, a nearly 400% increase from $2.5 billion in the same period the previous year. Exxon Mobil's profits also rose to approximately $14.5 billion, more than double the $7.1 billion reported in the second quarter of 2025. Trump called for the companies to reduce retail prices for consumers, stating, 'They’ve got to give some of that back to the public.'