Trump Demands Big Oil Cut Prices as Exxon Posts $14.5 Billion Q2 Profit
Updated
Updated · Al Jazeera English · Aug 3
Trump Demands Big Oil Cut Prices as Exxon Posts $14.5 Billion Q2 Profit
3 articles · Updated · Al Jazeera English · Aug 3
Summary
Trump said ExxonMobil and Chevron are “making too much money” from wartime shortages and should give some of it back by cutting retail fuel prices for consumers.
Exxon reported $14.5 billion in second-quarter earnings, Chevron $12 billion and Saudi Aramco $32.69 billion, as the Strait of Hormuz closure drove crude and refining margins sharply higher.
ICE crude averaged $96.68 a barrel in the second half of 2026, up from $78.38 in the first quarter, while US oil futures averaged about $92 from April through June.
US gasoline has averaged above $4 a gallon—nearly 40% above pre-war levels—while UK petrol hit a record 160.85 pence a litre and EY warned Britain could contract in 2027 if Hormuz stays shut.