Trump Demands Oil Companies Cut Gas Prices Now
Trump said 2026 gasoline prices are too high, citing a national average of $4.10 a gallon and blaming oil companies for passing on war costs.
- On Monday, August 3, 2026, crude oil prices fell 4–6% after President Donald Trump signaled renewed talks with Iran, raising hopes for a diplomatic resolution to the five-month conflict.
- Trump called off planned military strikes against Iran after regional leaders suggested a deal was close, seeking to reopen the Strait of Hormuz and resolve the standoff over Tehran's nuclear capabilities.
- Japan's Ministry of Finance and the U.S. Treasury confirmed coordinated yen-buying intervention on Monday, stabilizing the currency after it hit 40-year lows of 163.99 per U.S. dollar.
- OPEC+ members, including Saudi Arabia and Russia, approved a production quota increase of roughly 188,000 barrels per day starting in September, completing a phased rollback of voluntary cuts.
- Energy markets remain volatile as geopolitical tensions persist; long-term stability depends on whether diplomatic efforts hold and whether the Strait of Hormuz reopens for sustained shipping.
203 Articles
203 Articles
Trump lashes out at Big Oil for ‘making too much money’ during Iran war: ‘They ought to give some of that back’
President Trump bristled Monday at Big Oil’s huge windfall amid the war in Iran, arguing that the country’s largest oil companies should give some of their record profits to the American public.
(Washington = Yonhap News) Correspondent Hong Jeong-gyu = On the 3rd (local time), U.S. President Donald Trump [regarding] oil companies that made massive profits from the surge in international oil prices due to the war with Iran...
High gasoline prices are a crucial political issue for the Republican before the mid-term legislative elections in November
“They’re making too much money from a shortage,” Trump told reporters in the White House. Both oil companies won more than $12 billion in the second quarter.
High gasoline prices are a key political issue for Trump before the mid-term legislative elections in November.
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