Trump accuses Exxon, Chevron of profiteering, demands lower gasoline prices

US President Donald Trump on Monday accused oil giants ExxonMobil and Chevron of profiting excessively from higher fuel prices, urging them to pass some of their windfall earnings on to consumers as gasoline costs remain elevated amid the Iran conflict.

“I don’t like it,” Trump told reporters, days after both companies reported strong second-quarter earnings. “Chevron, too much money. ExxonMobil, too much. Too much money.”

The remarks mark a rare public rebuke of an industry that has largely backed Trump’s energy agenda. Neither ExxonMobil nor Chevron immediately commented on his remarks.

Trump has often used public criticism to influence corporate behaviour, targeting automakers, defence contractors and pharmaceutical companies during his first term. Since returning to office, he has continued using the presidential platform to pressure companies without relying solely on regulatory action.

Earlier in the day, Trump also criticised Chevron CEO Mike Wirth for failing to credit his administration’s support for the oil industry during a television interview. In a post on Truth Social, Trump claimed his administration had revived the industry’s fortunes and highlighted Chevron’s expanded operations in Venezuela.

Chevron has maintained a presence in Venezuela for more than a century and stayed after former President Hugo Chávez nationalised oil projects in 2007, while ExxonMobil and ConocoPhillips exited the country.

The American Petroleum Institute defended the industry, saying higher fuel prices are being driven by global supply-demand dynamics and uncertainty around key shipping routes, including the Strait of Hormuz, rather than by individual companies.

Trump reiterated his demand that oil companies reduce prices at the pump, saying consumers should benefit and predicting oil prices would fall sharply once the conflict with Iran ends.

The issue carries political significance ahead of November’s midterm elections, with higher fuel prices adding to inflation concerns. US average gasoline prices have risen to about $4.10 per gallon, climbing more than 30% since fighting involving Iran escalated earlier this year.

Recent earnings underscored the industry’s gains from higher crude prices and refining margins. Chevron reported its strongest quarterly earnings in at least six years, while Valero Energy posted its best quarterly profit since the 2022 energy crisis sparked by Russia’s invasion of Ukraine.