NEW: Chevron and Exxon Continue to Rake in Billions While Americans Pinch Pennies at the Pump
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Big Oil is reaping a potential $60 billion windfall from the “Trump Oil Shock,” generating more than $30 million in profit every hour
Washington, DC – While Americans face gas prices that are at their highest level since 2022, Big Oil companies continue to make billions of dollars in profits. Today, Chevron reported $2.8 billion in profits and Exxon reported $4.9 billion in profits in the first quarter of 2026. Trump promised his Big Oil donors—including Chevron and Exxon—that if they gave a billion dollars to his 2024 campaign, he’d make it worth their while. Now, many of those same oil and gas companies are reporting massive profits from his war of choice in Iran.
From his attacks on clean energy investments to the decimation of pollution protections, Trump has consistently put his ultra-wealthy pals ahead of the needs of the American people. While Trump’s billionaire donors capitalize on the global economic crisis, Americans are left to foot the bill. Gas prices have topped $4 per gallon, with the average American household expected to pay $740 more in gas this year, completely wiping out the average tax refund.
Climate Power Communications Director Alex Glass issued the following statement:
“This is the split screen in Donald Trump’s economy: Big Oil executives continue to make bank while everyday Americans choose between filling up their tanks and paying their medical bills. And instead of trying to lower costs, Trump’s holding closed-door meetings with his wealthy Big Oil buddies to protect their bottom line. Trump promised lower costs — instead, he’s putting billionaires first and leaving working families to foot the bill.”
Oil and gas companies are making billions while working families foot the bill with months of pain at the pump:
- Trump’s war in Iran has already cost Americans $29.8 billion more at the pump.
- Gas prices have topped $4 per gallon, with the average American household expected to pay $740 more in gas this year.
- According to a CBS News poll, 51% of Americans said gas prices are posing a financial hardship or financial difficulty.
- The world’s top oil and gas companies made more than $30 million every hour in unearned profit during the first month of Trump’s war.
- The oil and gas industry gave $75 million to elect Trump.