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U.S. President Donald Trump has called on Exxon Mobil and Chevron to lower gas prices, expressing dissatisfaction with the substantial profits reported by the oil giants. In the second quarter of 2026, Exxon Mobil reported a profit of $14.5 billion, while Chevron announced a $12.1 billion profit, driven by high oil prices and geopolitical tensions in the Middle East. Trump’s remarks align with his previous stance of pressuring oil companies to reduce prices at the pump and indicated potential governmental intervention if prices do not fall. This development has implications for the crude oil market, particularly concerning predictions of oil reaching new all-time highs.
Key Takeaways
- President Trump’s demands for lower gas prices suggest potential government intervention, impacting market pricing on oil futures.
- The substantial profits reported by Exxon Mobil and Chevron appear consistent with scenarios where oil prices remain elevated due to geopolitical factors.
- Current market pricing reflects a decreased likelihood of crude oil reaching a new all-time high by September 30, with only a 4% YES probability.
What to Watch
Markets will be closely monitoring any governmental actions following Trump’s statements, as these could significantly impact oil price dynamics. Key actors such as OPEC and the International Energy Agency may respond to potential shifts in U.S. policy. Developments in geopolitical tensions, particularly in the Middle East, will also be critical indicators influencing crude oil market movements, with implications for both short-term and long-term pricing scenarios.
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Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
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