President Donald Trump has criticized oil giants ExxonMobil and Chevron, accusing them of earning excessive profits from high fuel prices and calling on them to return part of those gains to the public.
The comments mark a notable shift from Trump’s traditionally close relationship with the oil industry, as he pressures major energy companies to lower prices at the pump.
“I don’t like what I’m seeing. Chevron is making too much money. ExxonMobil is too. Too much money,” Trump told reporters, days after the two companies announced strong second-quarter results boosted by high oil prices amid the ongoing Middle East crisis.
Trump pressures oil companies to lower consumer costs
Trump urged the companies to reduce prices for consumers, arguing that oil producers should share more of their profits when fuel costs rise.
“Better reduce prices for consumers,” he said, adding that he expects oil prices to decline significantly once the conflict with Iran ends.
The president has repeatedly used public pressure to influence corporate decisions, both through social media posts and public statements. During his first term, he pressured automakers to keep production in the United States, criticized defense contractors over high costs, and called on pharmaceutical companies to lower drug prices.
He has continued using a similar approach during his second term, seeking to influence business decisions without necessarily relying on formal government intervention.
Trump credits his policies for oil industry gains
Earlier, Trump personally criticized Chevron CEO Mike Wirth following a television interview on Fox News, claiming that Wirth failed to recognize his administration’s role in supporting the oil sector.
In a post on Truth Social, Trump said that “without the genius, foresight and stability of the Trump administration, the American oil industry would be dead,” adding that his actions helped Chevron return to Venezuela “stronger than ever.”
Chevron has operated in Venezuela for more than a century and remained there even after former Venezuelan President Hugo Chávez nationalized oil projects in 2007. ExxonMobil and ConocoPhillips, however, left the country at that time.
Oil industry rejects Trump’s criticism
Responding to Trump’s remarks, a representative of the American Petroleum Institute (API) argued that high fuel prices are driven by global market conditions rather than decisions made by individual companies.
“Today’s high prices are determined by global supply and demand, as well as continued uncertainty surrounding the Strait of Hormuz and other critical maritime routes, not by the decisions of a single company,” the representative said.
Trump’s comments come despite his broader energy agenda, which has focused on increasing U.S. oil and natural gas production. The situation highlights a tension between expanding output and pressuring companies to limit profits when prices rise.
High fuel prices remain a political challenge
High gasoline prices have become a political concern for the White House ahead of the November midterm elections.
The average U.S. retail gasoline price is around $4.10 per gallon, more than 30% higher than when military operations against Iran began earlier this year.
Although global crude oil prices declined after Trump canceled a planned major military operation, retail gasoline prices typically adjust with a delay.
Recent financial results from ExxonMobil, Chevron, Valero Energy and Marathon Petroleum showed that higher oil prices and increased refining margins significantly strengthened profitability across the sector.
Valero reported its strongest quarterly earnings since the 2022 energy crisis, while Chevron recorded its highest profits in six years.
