Americans blame Trump for ‘affordability crisis’, he passes the buck to oil companies

Despite international crude oil prices falling about 7%, with Brent crude futures slipping to to $83.77 a barrel, after going past the $100 mark, the gasoline prices in America have not seen a considerable downfall but both the companies have reported handsome profits. 

Gasoline is being sold for over $4 a gallon in the US. It was priced an average $2.98 a gallon on February 26, two days before the war began, seeing 37% surge in the last five months.

Regardless of Trump’s repeated remarks aimed at assuaging the soaring anger among Americans over price hikes, numerous polls and surveys have shown in recent times that more and more US adults are blaming the Republican leader for the affordability crisis plaguing the country’s citizens.

US Senate Minority Leader Chuck Schumer slammed Trump again this week over rising gas prices linked to his war in Iran.

“Trump’s illegal war in Iran is a gift to his Big Oil friends who bankrolled his campaign with the promise of raking in profits,” Schumer wrote on X. “Turns out it’s the one promise he actually delivered on. Meanwhile, Americans are paying over $4 per gallon at the gas pump and suffering from rising energy costs.”

Back in July, US Defence Secretary Pete Hegseth said that the Iran war has cost the US about $37.5 billion so far, with the price tag climbing nearly $8 billion since the last estimate in May 2026. At the same time, the top Trump administration official urged the Senate Appropriations Committee to approve an additional $87 billion in congressional funding for the Pentagon, with $67 billion of that amount reserved for operations in West Asia.

Trump targets oil companies over rising prices

“They’re making too much money. Okay, based on a shortage, they’re making too much money,” Donald Trump told reporters Monday (US time) in the Oval Office. ” I don’t like it, and I should be the last one to say because I’m a big free enterprise guy.”

He then went on to name-drop two biggest US oil companies, “Nobody bigger, and you know, you’re going to see oil when we’re finished with Iran. You’re going to see the prices drop through the floor. But they made too much money, too much money. Chevron, too much money. Exxon Mobil, too much, too much money.”

He continued, “When you look at one company where they made 12 times what they made the year before, they ought to give some of that back to the public, and they better cut the retail price, the consumer price. Too much money. You surprised I’m saying it. I’ll say it loud and clear. I’m not happy about it.”

On the flip side, Trump directed his complaints at Chevron CEO Mike Wirth in a Truth Social post, calling him out for not crediting his administration for its success in a TV interview with Fox Business. Simultaneously, he demanded oil giants in the country cut their price hikes.

“The only thing he conveniently forgot to mention is that, without the genius, foresight, strength, and stability of the TRUMP Administration, the Oil Industry, and our Country itself, would be DEAD!” the POTUS wrote on Truth Social earlier that day. “As an example, they threw Mike and Chevron out of Venezuela, but now they’re back, far bigger and stronger than ever before, expecting to make a fortune! That goes for other Oil Companies as well…and get your consumer (retail!) Oil Prices DOWN, NOW!”

US oil companies report profits

Both Chevron and ExxonMobil reported staggering profits merely days ago.

While Exxon posted a profit of $14.5 billion during the second quarter, the No 2 US oil company, Chevron, brought in $12.1 billion in profit. These figures resulted in Exxon more than doubling its earnings from the previous year and securing the company’s highest haul since 2022, which marked the beginning of the Russia-Ukraine war. Similarly, Chevron’s numbers helped it more than quadruple the $2.5 billion it made in the same period last year.

With global oil prices surging more than 40% so far this year, according to CNN, Lipow Oil Associates President Andy Lipow said, “These companies are printing money because oil prices spiked around the world.”

Estimating that the world has lost about 6 million to 7 million barrels of refining capacity per day, Lipow added, “Exxon and Chevron have refineries that are doing fantastic. We’re at record refining margins for gasoline, jet fuel and diesel.”

Americans continue to blame Trump on oil issue

While Trump continues to redirect the blame onto oil companies as the 2026 midterm elections approach, they are not responsible for setting fuel prices in the US. According to the Energy Information Administration, crude oil account for the biggest factor in deciding prices at the pump, as it makes up 51% of the cost of a gallon of gas.

Similarly, Patrick De Haan, head of petroleum analysis at GasBuddy, told Newsweek, “Crude oil is the biggest input, and it’s priced on a global market no U.S. company controls, so OPEC moves and disruptions like Hormuz and Ukraine’s attacks on Russian refiners flow straight to the pump.”

He added, “When crude gets expensive, producers profit because the commodity is worth more, not because anyone marked up your gallon. Refiners and retailers are price-takers. Follow the commodity, not the profit number.”

Meanwhile, Americans’ wrath over repeated oil hikes is far from calming down.

A recent CBS News poll conducted between July 22-24, 2026, showed that about half of 2,193 surveyed US adults said surging fuel costs have caused financial woes for them. About eight in 10 said the Trump administration isn’t focused enough on bringing consumer prices down.

Another July survey by Washington Post-ABC News-Ipsos revealed that 65% of US adults disapproved of Trump’s handling of the economy. 66% said groceries had become unaffordable and 59% claimed they didn’t believe they had a good chance of improving their standard of living.

95% of Americans believe the US is battling an affordability crisis, according to a Harris Poll. It also indicated that gas and grocery prices were among the public’s top concerns.