US President Donald Trump accused ExxonMobil and Chevron of making excessive profits off higher fuel prices, saying the oil giants should give some of that back to the public.
Trump’s comments came after the companies reported strong second-quarter earnings, driven by the ongoing war in Iran, which has kept oil prices high.
Trump told reporters, “Chevron, too much money. ExxonMobil, too much. Too much money.”
Trump has frequently used public pressure to push corporate America to change its behavior, often targeting companies directly through social media or remarks to reporters.
During his first term, he pressured automakers to keep production in the US, criticized defense contractors over costs, and urged pharmaceutical companies to lower drug prices.
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Since returning to office, Trump has continued this approach, using the power of the presidential platform to try to influence corporate decisions without always relying on formal government action.
Trump demands that oil companies lower gasoline prices, which have climbed more than 30% since the US and Israel attacked Iran earlier this year.
Higher gas prices pose a political risk to Trump ahead of November’s midterm elections, when his fellow Republicans are seeking to retain control of Congress.
Retail petrol prices, currently averaging around $4.10 nationwide, tend to lag behind global oil prices and do not necessarily follow suit.
Last week’s earnings from ExxonMobil, Chevron, Valero Energy, and Marathon Petroleum highlighted the boost US oil companies received from higher crude prices and refining margins after the war began in February.
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Valero reported its strongest quarterly profit since the 2022 energy crisis triggered by Russia’s invasion of Ukraine, while Chevron posted its highest quarterly earnings in at least six years.
A spokesperson for the American Petroleum Institute said, “Today’s 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.”
Trump’s comments may create tension between his push to maximize domestic production and his demands that companies limit profits when prices rise.
The industry has broadly welcomed Trump’s policies to expand US energy production, but his repeated pressure on producers to keep fuel prices low may lead to conflicts.
Trump said oil prices would “drop through the floor” when the conflict with Iran ends, but for now, he is pushing oil companies to “cut the retail price, the consumer price”.