Exxon and Chevron's $26.5 Billion Profit Amid High Gas Prices

Aug 4, 2026

83 min

Aug 4, 2026 00:30

Exxon, Chevron's $26.5 billion windfall: Why Trump is angry — and Americans fume as petrol prices remain sky-high

## Record Profits Amid Global Tensions

Exxon Mobil and Chevron have reported a combined net income of $26.5 billion for the second quarter of 2026. This surge in profits comes as a result of the ongoing conflict in Iran, which has disrupted oil production and shipping, leading to increased crude prices and tightened supplies of refined products like gasoline and diesel.

## Trump's Reaction

Former President Donald Trump has expressed frustration over the high gasoline prices, which average around $4.10 per gallon, despite a drop in crude oil prices. He has called for gasoline prices to fall to $2.25 per gallon and has accused oil companies of not passing on savings to consumers. The Justice Department is investigating potential price manipulation by these companies.

## The Refining Bottleneck

The current situation highlights a key issue: the difference between crude oil prices and refined fuel prices. While crude prices have decreased, the cost of refined products remains high due to limited refining capacity. This has allowed Exxon and Chevron to benefit from strong refining margins, with Chevron's refining profits jumping to $4.9 billion and Exxon's to $5.5 billion.

## Political Implications

The high gas prices are a significant political issue, with 81% of Americans disapproving of Trump's handling of the situation. The administration faces a dilemma: support the free market or intervene to lower prices, potentially affecting the upcoming midterm elections.

## Potential Policy Changes

There is speculation about whether the administration might impose restrictions on U.S. oil exports to keep more oil domestically and reduce gas prices. However, such a move could disrupt the global oil market and discourage future investments, potentially worsening the situation.

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