FACT CHECK: Trump Gaslights Americans on Record Chevron and Exxon Mobil Profits

 Trump had as much as $12 million in Exxon Mobil stock and as much as $6 million in Chevron stock 

Washington, DC — Trump is continuing his gaslighting tour of pretending to care about rising gas prices — calling out Chevron and Exxon Mobil for their record profits, while on the same day wanting credit for how the Trump administration helped Big Oil make a fortune. Chevron and Exxon Mobil warned that gas prices won’t come down anytime soon, after both companies announced billions of dollars of profits after Trump’s war of choice in Iran. While calling them out, Trump conveniently forgot to mention the millions of dollars of stock he owns in both companies and how he’s personally benefiting from their windfall. 

FACT: Trump is personally benefiting from windfall Big Oil profits. Trump had as much as $12 million in Exxon Mobil stock and as much as $6 million in Chevron stock. 

• Trump once celebrated rising gas prices thanks to his war of choice in Iran, saying: “When oil prices go up, we make a lot of money.” It’s clear he was talking about himself. 

FACT: In Trump’s first term, he prioritized profits for his oil and gas donors, raising costs at the pump for Americans. 

• In April 2020, Trump brokered a deal with Russia, Saudi Arabia, and OPEC to deliberately increase oil prices, which directly benefited his largest donors in the U.S. oil industry.

FACT:  In 2024, Trump asked his ultra-wealthy Big Oil donors for a billion dollars for his campaign and promised to make it worth their while. Now, those same companies are cashing in.

• In the 2024 election cycle, Big Oil spent $450 million to influence Trump and congressional Republicans.
  
• In Q1 of 2026, twenty-seven oil and gas companies raked in more than $40 billion in profit, up 21% from Q4 of 2025. 
  
• In Q2, Chevron raked in $12 billion in profits, up nearly 300% since last year, while ExxonMobil doubled their profits since last year, bringing in $14.7 billion.
  
• Last week, Shell announced their best quarterly profits in four years – almost $10 billion, up 131% since last year.
• Combined, Exxon, Shell and Chevron made $404 million in profits every day for the last three months.

FACT: While Trump’s Big Oil buddies profit, American families are paying the price at the pump. Meanwhile, Trump insisted he doesn’t care about Americans’ financial situation and has repeatedly called affordability a “hoax.” 

• In recent weeks, gas prices have surpassed $4 per gallon for the second time this year — the first time that’s happened in a single year, ever.
• American consumers have paid $78 billion more on gas because of Trump’s war of choice in Iran. 

• A recent Climate Power and Center for American Progress Action Fund report found that Trump policies have cost the average American family $2,000, including $285 more at the pump.