August 3, 2026 7:50 pm
US President *Donald Trump* on Monday accused major oil companies of profiting excessively from high fuel prices linked to the war with Iran, as he moved to address a growing political issue ahead of midterm elections.“
They’re making too much money, okay? Based on a shortage, they’re making too much money. I don’t like it,” Trump told reporters at the White House.Gasoline prices have become a key concern for Republicans heading into November’s elections, with Democrats aiming to take control of Congress.The average price of a gallon of regular gas in the US has risen by more than *37%* since the war began in late February.
The conflict was launched by Trump and Israel, and has since seen Iran target US Gulf allies and effectively block the Strait of Hormuz, pushing energy prices higher.On Friday, US oil giants ExxonMobil and Chevron posted record profits, boosted by the Middle East crisis.
Other major firms have also reported huge earnings from the war.Despite being a strong backer of fossil fuel interests, Trump has criticized pump prices. In June he ordered the Department of Justice to investigate possible “price gouging” by the industry.On Monday he went further:
“They ought to give some of that back to the public, and they better cut the retail price, the consumer price. I’m not happy about it.”
