U.S. oil giants Chevron and ExxonMobil reported record profits in Q2 2026 as rising petrol prices strained households, with President Donald Trump criticizing the companies and calling for immediate price cuts.
U.S. oil companies Chevron and ExxonMobil reaped record profits in the second quarter of 2026 as global tensions over the U.S.-Iran conflict drove oil prices to multi-year highs, leaving American consumers grappling with gasoline costs exceeding $4 per gallon. The surge in earnings—Chevron reported $12.07 billion, while ExxonMobil posted $14.53 billion—sparked political backlash, with President Donald Trump publicly lambasting the firms and demanding price reductions.
Record Profits Amid Soaring Fuel Costs
Chevron and ExxonMobil’s second-quarter profits soared to historic levels as the U.S.-Iran conflict disrupted global oil supply chains, particularly through the Strait of Hormuz, a critical transit route for one-fifth of the world’s oil. Brent crude, the global benchmark, surged 23% year-over-year, reaching $126 per barrel at its peak in March 2026. The price hikes resulted in petrol prices above $4 a gallon across the US, with the average price for a gallon of petrol at $4.09, according to the American Automobile Association (AAA), with lower-income households spending over 10% of their income on fuel, per a Bank of America analysis.
Chevron’s profits nearly quadrupled to $12.07 billion, fueled by its limited exposure to the Middle East and a strategic focus on domestic production. More than 70 percent of Chevron’s production is concentrated in America, and that’s where it’s making its biggest margins right now,
said Bill Drolet, executive director, mergers & acquisitions at The Post Oak Group investment bank, citing the company’s less than 5 percent exposure to the Strait of Hormuz. ExxonMobil, meanwhile, doubled its profits to $14.53 billion, bolstered by record diesel production and a surge in refining margins as global supply gaps tightened.
The windfall has drawn sharp criticism from lawmakers and activists. Democratic Senator Sheldon Whitehouse accused the industry of corrupt, greedy and grasping
behavior, while advocacy group Global Witness condemned the profits as a “good crisis” for oil producers. When you compare that to the hundreds of millions of people who are struggling with rolling blackouts, with electricity curbs, rationing, waiting in line for food queues, or the disruption to fertilizers and the potential impact that that has on food prices, we don’t think that it’s a justifiable price for the rest of the world to be paying,
said Patrick Galey, fossil fuels lead at Global Witness.
Trump’s Public Criticism and Political Pressure
President Donald Trump seized on the crisis, accusing Chevron and ExxonMobil of too much money. His remarks followed an interview Chevron CEO Mike Wirth gave on the Fox News programme Sunday Morning Futures with Maria Bartiromo, where the executive omitted praise for Trump’s policies, prompting the president to accuse him of conveniently forgot to mention is that, without the genius, foresight, strength, and stability of the TRUMP Administration, the Oil Industry, and our Country itself, would be DEAD!
Trump’s rhetoric intensified as gasoline prices remained above $4 per gallon.
Political pressure mounted as lawmakers proposed windfall profit taxes. Senator Sheldon Whitehouse introduced legislation to tax major oil producers, arguing that it’s fair to put a windfall profits tax on inordinate windfall profits rather than cut off children’s food programs.
The U.S. House version of the bill, backed by Rep. Ro Khanna (D-Fremont), would target companies producing or importing at least 300,000 barrels of oil per day in 2025. Meanwhile, Exxon CEO Darren Woods warned that such taxes could deter investments, citing the company’s decision to scale back European operations after similar measures in 2022.
The White House also faced pressure to address inflation.
Global Market Dynamics and Consumer Impact
The crisis has reshaped global energy markets. European oil giants like Shell and TotalEnergies also saw profits surge, with Shell tripling to $10.8 billion and TotalEnergies doubling to $5.4 billion. However, the benefits have not trickled down to consumers. In the UK, governments implemented windfall taxes in 2022, extending them to 2030 according to Tax Foundation Europe, while the U.S. remains divided on the issue.
Refineries have also profited from the turmoil.
For American households, the crisis has become a daily struggle. We cracked $4 again per gallon last weekend in gas stations that I drove by, and that’s a big expense, particularly for families that get their income from driving around from job to job in the work van or the work truck,
said Senator Whitehouse. The average price of $4.09 per gallon, while down slightly from $4.11 this time last week, remains significantly higher than year-ago levels, according to AAA data.
As the U.S. and Iran navigate the conflict’s next phase, the pressure on oil companies—and the political fallout—shows no signs of abating. With midterm elections looming and consumer frustration mounting, the balance between corporate profits and public welfare remains a defining issue of 2026.
