Gov. Gavin Newsom (D-CA) and Sen. Bernie Sanders (I-VT) spent the weekend doing what politicians do when oil prices spike: pointing fingers. Their target was President Donald Trump, whom they accuse of handing a 'windfall' to oil giants like Chevron Corp. (CVX), ExxonMobil Holdings Corp. (XOM) and Shell PLC (SHEL) while ordinary Americans foot the bill at the pump.

Newsom Slams Heightened Costs At The Pump

In a post on the social media platform X late Friday, Newsom's official press office handle outlined that Trump's Iran war was delivering a 'windfall to Big Oil.'

The post said that ExxonMobil's adjusted earnings rose 130% amid the energy shocks to $17.5 billion, while Chevron recorded a 185% jump to $10.4 billion in quarterly profits. 'All while YOU pay more at the pump!' the Press Office said.

Sanders Says Big Oil Is Ripping Off Americans

Sanders, in a post on X on Sunday, slammed oil companies' profits. 'While gas prices are up 39% since Trump started his illegal Iran War, Exxon's profits are up 130%, Chevron's are up 185% and Shell's profits nearly doubled,' the Vermont Independent said.

He then said that working American families were struggling while 'Big Oil rips them off.' Sanders also pointed to Trump's earlier comments about oil companies making windfall profits during a rally in Texas. 'Trump's response: 'I don't give a damn,'' Sanders said, calling it 'beyond unacceptable.'

On Sunday, according to the American Automobile Association (AAA) data, the national average price of gas fell to $4.1732/gallon, with diesel prices also falling 0.62 cents on Sunday to $6.3039/gallon.

Oil Companies' Earnings Tell The Story

ExxonMobil reported earnings of $4.23 per share, higher than analysts' expectations of $4.08 per share. Its Q3 revenue of $113.16 billion exceeded Wall Street's expectations of $103.10 billion.

Chevron, meanwhile, reported third-quarter 2026 earnings of $5.28 per share. Its revenue rose over 35% YoY to $65.237 billion, also exceeding market consensus.

British oil company Shell also reported largely positive earnings for Q3, with its adjusted earnings of $3.86 per American depositary share beating market consensus of $3.65 per share. Shell's revenue was $92.848 billion, which missed analyst estimates of $99.725 billion.

Trump's Oil Holdings And The Iran War

The comments follow earlier criticism of Trump's positions in oil companies, which, according to a report by Democrats in the Congressional Joint Economic Committee, said that the President's holdings could now be worth upwards of $81 million since the end of last year.

On the other hand, Trump, on Sunday, said that the U.S. had already won the war with Iran, adding that the tensions would wrap up 'one way or the other.' Meanwhile, all eyes remain on the upcoming midterm elections, set to take place on November 3rd.