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.
