US President Donald Trump has criticised ExxonMobil and Chevron for making what he described as excessive profits and demanded they lower petrol prices for consumers.
Speaking to reporters on Monday, Trump said he was unhappy that both companies had benefited from higher fuel prices following strong second-quarter earnings driven by elevated oil prices during the Iran war.
“I don’t like it,” Trump told reporters on Monday. “Chevron, too much money. ExxonMobil, too much. Too much money.”
ExxonMobil and Chevron did not immediately respond to requests for comment.
Trump has often used public criticism to influence major companies. During his first term, he pressed automakers to keep production in the US, criticised defence contractors over costs and called on pharmaceutical companies to reduce drug prices.
Since returning to office, he has continued using the presidency to pressure companies without always relying on formal government action.
Earlier on Monday, Trump criticised Chevron Chief Executive Mike Wirth for failing to acknowledge his administration’s support for the oil industry during an appearance on Fox News.
“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 Truth Social. “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!”
Chevron has operated in Venezuela for more than a century and remained after former President Hugo Chavez nationalised oil projects in 2007. ExxonMobil and ConocoPhillips left the country following the nationalisation.
Responding to Trump’s criticism, 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 also called on oil producers to lower prices at the pump.
“They better cut the retail price, the consumer price,” Trump told reporters on Monday, adding that oil prices would “drop through the floor” when the conflict with Iran ends.
Trump has made expanding US oil and gas production a central part of his agenda. However, his repeated calls for lower fuel prices have created tension with producers seeking to benefit from higher oil prices.
Retail petrol prices average about $4.10 per gallon across the US, up more than 30% since the US and Israel attacked Iran earlier this year. Although global oil prices fell after Trump called off a planned attack on Iran over the weekend, petrol prices have been slower to decline.
Recent earnings from ExxonMobil, Chevron, Valero Energy and Marathon Petroleum showed the gains US oil companies made from higher crude prices and refining margins after the war began. Valero posted its strongest quarterly profit since 2022, while Chevron recorded its highest quarterly earnings in at least six years.
Faridah Abdulkadiri
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