EL7.AI
CommoditiesMedium•4 August 2026•
1 min read

Trump Rebukes Exxon and Chevron Over Profits and Fuel Prices

Key Facts

1US President Donald Trump accused ExxonMobil and Chevron of making excessive profits from elevated fuel prices.
2Trump urged major oil companies to lower gasoline prices for consumers and give back some profits to the public.

In a move reflecting a shift in political rhetoric toward the energy sector, US President Donald Trump has issued a sharp rebuke to ExxonMobil and Chevron. According to reports, Trump accused the companies of generating excessive profits driven by elevated fuel prices and supply shortages, urging them to lower gasoline prices for American consumers and return a portion of those gains to the public.

This political pressure comes as major energy stocks maintain significant valuation levels, with XOM closing at $155.06 and CVX at $193.18 per market data on August 3, 2026. In comparison to international peers, SHEL stood at $91.08 while BP reached $44.26 as of the same closing date, placing the performance of US majors under intense political scrutiny relative to their global counterparts.

Investors should monitor key support levels for energy equities, as XOM saw a daily low of $152.65 and CVX touched $191.81 at the close of August 3, 2026. As tensions over energy costs persist, the market remains attentive to any impacts from inventory reports or shifts in consumer confidence that may be influenced by sustained high fuel prices.