Trump rips Exxon, Chevron for ‘making too much money’ as US gas prices soar above $4 — but is Big Oil the bad guy?

Jing Pan

Wed, August 5, 2026 at 3:55 PM GMT+3 10 min read

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President Donald Trump has long portrayed himself as a champion of free markets, domestic energy production and corporate America.

But after some of the country's largest oil companies reported massive profits while drivers continued paying more than $4 a gallon for gas, Trump decided they had gone too far.

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"Based on a shortage, they're making too much money. I don't like it, and I should be the last one to say because I'm a big free enterprise guy — nobody bigger," Trump told reporters (1) in the Oval Office.

He specifically called out two of America's biggest oil producers.

"Chevron, too much money. Exxon Mobil, too much, too much money," he said.

Exxon Mobil reported $14.5 billion (2) in profit for the second quarter, more than double the $7.1 billion it earned during the same period a year earlier. Chevron brought in roughly $12.1 billion (3), up from about $2.5 billion one year ago.

Trump argued that oil producers should pass some of that windfall back to consumers.

"They ought to give some of that back to the public, and they better cut the retail price, the consumer price," he said, before hammering home the point once again.

"Too much money — you're surprised I'm saying it? I'll say it loud and clear, I'm not happy about it."

Americans feel the squeeze — but is Big Oil really the bad guy?

For oil companies, higher crude prices can translate into billions of dollars in additional profits.

For ordinary Americans, they can mean a painful trip to the gas station.

The national average price of regular gasoline stood at $4.09 a gallon in early August, compared with about $3.15 a year earlier, according to AAA (4). Diesel now averages more than $5.37 a gallon, compared with $3.73 one year ago.

But enormous profits do not necessarily prove that oil companies deliberately inflated prices.

Andrea Woods, a spokesperson for the American Petroleum Institute, which represents the nation's oil and gas companies, said (5) that higher prices are "driven by global supply, demand and continued uncertainty around the Strait of Hormuz and other critical shipping lanes — not by any one company."

The Iran conflict has indeed disrupted the flow of oil through the Strait of Hormuz, one of the world's most important energy routes. Roughly one-fifth of the world's oil supply normally passes through the waterway (6), so restricting that flow created a sudden shortage and sent crude prices soaring.

Woods added that the oil industry shares Trump's goal of "delivering affordable, reliable energy for consumers."

And while Trump says prices will "drop through the floor" once the Iran conflict ends, the current squeeze stems from a war launched under his own administration. That makes his decision to direct the public's anger toward oil companies all the more striking.

No matter who deserves the blame, one thing is certain: Prices have been rising, and gasoline is far from the only expense stretching household budgets. Since the beginning of 2020, the CPI food index has risen 34% (7), while the energy index has climbed 45% (8).

Look further back, and you'll see that inflation has been steadily chipping away at the value of Americans' hard-earned dollars for decades. According to the Federal Reserve Bank of Minneapolis (9), $100 in 2026 has the same purchasing power as just $11.74 did in 1970.

That's right. $100 became less than $12.

The good news? Savvy investors have long found ways to shield their wealth from inflation's bite — no matter what shock the world throws at them or who's in the White House.

Own an asset governments cannot print

When it comes to preserving wealth and fighting inflation, few assets have stood the test of time like gold.

Its appeal is simple: unlike fiat currencies, the yellow metal can't be printed at will by central banks.

Gold is also considered the ultimate safe haven. It's not tied to any one country, currency or economy, and in times of economic turmoil or geopolitical uncertainty, investors often flock to it — driving prices higher.

Ray Dalio, founder of the world's largest hedge fund, Bridgewater Associates, has repeatedly highlighted gold's role in a resilient portfolio.

"People don't have, typically, an adequate amount of gold in their portfolio," Dalio told CNBC last year. "When bad times come, gold is a very effective diversifier."

Over the past five years, as inflation continued to chip away at the purchasing power of the dollar, gold has climbed 123%.

Other prominent voices see further potential. JPMorgan CEO Jamie Dimon has said that in this environment, gold can "easily" rise to $10,000 an ounce.

One way to invest in gold that can also provide significant tax advantages is to open a gold IRA with the help of Goldco.

Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, thereby combining the tax advantages of an IRA with the protective benefits of investing in gold, making it a compelling potential option for those wanting to ensure their retirement funds are diversified during rough economic times.

Goldco offers free shipping and access to a library of retirement resources. Plus, the company will match up to 10% of qualified purchases in free silver.

If you're curious whether this is the right investment to diversify your portfolio, you can download your free gold and silver information guide today. Just keep in mind that gold is typically best used as one part of a well-diversified portfolio.

Turn rising prices into potential income

Gold isn't the only asset investors turn to during inflationary times. Real estate has also proven to be a powerful hedge.

When inflation rises, property values often increase as well, reflecting the higher costs of materials, labor and land. At the same time, rental income tends to go up, providing landlords with a revenue stream that adjusts for inflation.

Over the past ten years, the S&P Cotality Case-Shiller U.S. National Home Price NSA Index (10) has jumped by 87%, reflecting strong demand and limited housing supply.

Of course, high home prices can make buying a home more challenging, especially with mortgage rates still elevated. And being a landlord isn't exactly hands-off work — managing tenants, maintenance and repairs can quickly eat into your time (and returns).

The good news? You don't need to buy a property outright — or deal with leaky faucets — to invest in real estate today. Crowdfunding platforms like mogul offer an easier way to get exposure to this income-generating asset class.

As a real estate investment platform offering fractional ownership in blue-chip rental properties, mogul gives investors monthly rental income, real-time appreciation and tax benefits — without the need for a hefty down payment or 3 a.m. tenant calls.

Founded by former Goldman Sachs real estate investors, the team hand-picks the top 1% of single-family rental homes nationwide for you. In other words, you gain access to institutional-quality offerings for a fraction of the usual cost.

Each property undergoes a rigorous vetting process, requiring a minimum 12% return even in downside scenarios. Across the board, the platform features an average annual IRR of 18.8%. Offerings often sell out in under three hours, with investments typically ranging between $15,000 and $40,000 per property.

Another option is Lightstone DIRECT, which gives accredited investors access to single-asset multifamily and industrial deals.

Lightstone DIRECT's direct-to-investor model ensures a high degree of alignment between individual investors and a vertically-integrated, institutional owner-operator — a sophisticated and streamlined option for individual investors looking to diversify into private-market real estate.

With Lightstone DIRECT, accredited individuals can access the same multifamily and industrial assets Lightstone pursues with its own capital, with minimum investments starting at $100,000.

Buy a globally recognized asset

Prominent investors like Dalio often stress the importance of diversification — and for good reason. Many traditional assets tend to move in tandem, especially during periods of market stress.

That message feels especially relevant today. Nearly 40% of the S&P 500's weight is concentrated in its ten largest stocks, and the index's CAPE ratio hasn't been this high since the dot-com boom.

This is where, for many investors, alternative assets come into play. These can include everything from real estate and precious metals to private equity and collectibles.

But there's one store of value that routinely flies under the radar: It's scarce by design, coveted worldwide and frequently locked away by institutions.

We're talking about post-war and contemporary art — a category that has outpaced the S&P 500 with low correlation since 1995.

It's easy to see why art pieces often fetch new highs at auctions: The supply of the best works of art is limited, and many of the most desirable pieces have already been snatched up by museums and collectors. That scarcity can also make art an attractive option for investors looking to diversify and preserve wealth during periods of high inflation.

Until recently, purchasing art has been a domain reserved for the ultra-wealthy — like in 2022 when a collection of art owned by the late Microsoft co-founder Paul Allen sold for $1.5 billion at Christie's New York (11), making it the most valuable collection in auction history.

Now, Masterworks — a platform for investing in shares of blue-chip artwork by renowned artists, including Pablo Picasso, Jean-Michel Basquiat and Banksy — can help you get started with this asset class. It's easy to use and, with 31 successful exits to date, Masterworks has distributed more than $65 million in total proceeds (including principal).

Simply browse their impressive portfolio of paintings and choose how many shares you'd like to buy. Masterworks then handles all the details, making high-end art investments both accessible and effortless.

New offerings have sold out in minutes, but you can skip their waitlist here.

Note that past performance is not indicative of future returns. Investing involves risk. See Reg A disclosures at http://masterworks.com/cd.

Trump rips Exxon, Chevron for ‘making too much money’ as US gas prices soar above $4 — but is Big Oil the bad guy?

Must Read

Americans feel the squeeze — but is Big Oil really the bad guy?

Own an asset governments cannot print

Turn rising prices into potential income

Buy a globally recognized asset

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