Petrol prices strain US households as oil giants Chevron, Exxon profits soar

What the report says

US petrol prices are squeezing households just as Chevron and ExxonMobil report strong quarterly profits, according to Al Jazeera’s reporting published on 3 August 2026. The article says the pressure is falling hardest on lower-income families, with some spending more than 10% of monthly income on fuel as pump prices remain elevated.

President Donald Trump criticised major oil companies after Chevron posted its highest quarterly earnings in six years and ExxonMobil reported its best quarterly profit in four years, though Exxon’s results came in below analyst expectations. Al Jazeera reported that Chevron’s second-quarter adjusted earnings were $12bn, while Exxon earned $9.2bn. The outlet also noted that Valero Energy posted record second-quarter profit, reflecting a broader boost for refiners and producers amid supply disruptions tied to tensions involving Iran and the Strait of Hormuz.

At the consumer level, Al Jazeera said the average US petrol price was $4.09 a gallon, up from a month earlier, while the cost of filling up remains well above levels seen earlier in the year. The article cited a Bank of America analysis showing consumers devoting a larger share of income to fuel than in 2019, and said the burden is much heavier for low-income households. It also said the US Strategic Petroleum Reserve has fallen to its lowest level since 1983.

The story adds that politicians across the spectrum are pressing oil firms over pricing, while some analysts argue that relief could come from temporary gas-tax cuts rather than from companies lowering prices on their own.