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U.S. President Donald Trump criticized ExxonMobil and Chevron for earning massive profits from elevated oil prices, urging the energy giants to lower fuel costs and return some of their gains to American consumers.
Speaking to reporters on Monday, Trump said the companies were making "too much money" as oil prices remain elevated due to the ongoing Iran conflict. His comments came just days after ExxonMobil and Chevron reported strong second-quarter earnings, fueled by higher crude prices and improved refining margins.
"I don't like it," Trump said. "Chevron, too much money. ExxonMobil, too much. Too much money." Neither company immediately responded to requests for comment.
Earlier in the day, Trump also criticized Chevron CEO Mike Wirth for failing to acknowledge his administration's support for the U.S. energy sector during a recent Fox News interview. In a Truth Social post, Trump argued that his policies helped revive the oil industry, citing Chevron's expanded operations in Venezuela after the company regained access to the country.
Chevron has operated in Venezuela for more than a century and remained after former President Hugo Chavez nationalized oil assets in 2007, while ExxonMobil and ConocoPhillips exited the country.
Trump has long used public pressure to influence corporate behavior, targeting industries ranging from automakers and drugmakers to defense contractors. Since returning to office, he has continued using public statements to push companies toward decisions he believes benefit consumers.
Despite championing increased U.S. oil and gas production, Trump has repeatedly urged energy companies to reduce gasoline prices. On Monday, he warned producers to lower prices at the pump, predicting oil prices would "drop through the floor" once the conflict with Iran ends.
The American Petroleum Institute said current fuel prices reflect global supply, demand, and continued uncertainty surrounding the Strait of Hormuz and other key shipping routes, rather than the actions of individual companies.
Higher gasoline prices remain a political challenge for Trump ahead of the November midterm elections. U.S. average retail gasoline prices have risen to about $4.10 per gallon, up more than 30% since the Iran conflict intensified. While crude oil prices fell after Trump canceled a planned military strike on Iran over the weekend, gasoline prices typically take longer to reflect declines in global oil markets.
