Trump Criticises Exxon, Chevron Over Profits, Urges Lower Gasoline Prices

U.S. President Donald Trump on Monday criticised ExxonMobil and Chevron for making what he described as “too much money” from higher fuel prices linked to the conflict involving Iran, and urged the oil majors to lower gasoline prices for consumers.

“I don’t like it,” Trump told reporters on Monday, three days after the companies reported strong second-quarter earnings, according to Reuters.

“Chevron, too much money. ExxonMobil, too much. Too much money,” Trump said.

“They better cut the retail price, the consumer price,” Trump told reporters, adding that oil prices would “drop through the floor” when the conflict involving Iran ends, Reuters reported.

Exxon Mobil and Chevron did not immediately respond to Trump’s remarks.

Trump has frequently used public pressure to influence corporate behaviour, often targeting companies through social media posts or comments to reporters.

During his first term, he urged automakers to keep production in the United States, criticised defence contractors over costs and called on pharmaceutical companies to lower drug prices.

Since returning to office, he has continued that approach, using the presidency to try to influence corporate decisions without always relying on formal government action.

Earlier on Monday, Trump criticised Chevron Chief Executive Mike Wirth over his appearance on Fox News’ Sunday Morning Futures with Maria Bartiromo, saying Wirth failed to credit his administration’s support for the U.S. oil industry.

“The only thing he conveniently forgot to mention is that, without the genius, foresight, strength, and stability of the TRUMP Administration, the Oil Industry, and our Country itself, would be DEAD!” Trump wrote on his Truth Social platform.

“As an example, they threw Mike and Chevron out of Venezuela, but now they’re back, far bigger and stronger than ever before, expecting to make a fortune!” he added.

Chevron has operated in Venezuela for more than a century.

The company remained in the country after former President Hugo Chávez nationalised oil projects in 2007, while Exxon Mobil and ConocoPhillips exited the country.

A spokesperson for the American Petroleum Institute, which represents U.S. oil and natural gas companies, said higher fuel prices were being driven by global market conditions rather than the actions of individual companies.

“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,” the spokesperson said.