Petrol prices strain US households as oil giants Chevron, Exxon profits soar
US President Donald Trump has publicly criticized major oil companies like Chevron and ExxonMobil for record profits while American households struggle with high fuel costs. The tension is exacerbated by geopolitical instability in the Strait of Hormuz, which has kept global oil prices elevated.
Why it matters
The conflict highlights the political pressure on energy giants during periods of inflation and the impact of foreign policy on domestic energy prices.
Low-income US households are hit hardest, spending more than 10 percent of monthly income on petrol as prices rise.
x whatsapp-stroke copylink google Add Al Jazeera on Google info US President Donald Trump called out oil company executives amid record profits [Jim Watson/AFP] By Andy Hirschfeld and Reuters Published On 3 Aug 2026 3 Aug 2026 United States President Donald Trump has lambasted the nation’s biggest oil and gas giants as Houston, Texas-based Chevron reported record earnings while consumers struggle with soaring petrol prices.
“I don’t like it,” Trump told reporters on Monday in reference to the blockbuster second-quarter earnings, as his war on Iran has kept oil prices high for months.
“Chevron, too much money. ExxonMobil, too much. Too much money.”
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