WASHINGTON: President Donald Trump on Monday criticized ExxonMobil and Chevron for posting large profits as fuel prices remain elevated, calling on the companies to pass some of those gains back to consumers in an unusual public break from an industry he has otherwise championed.
Speaking to reporters, Trump said he was displeased with the scale of the companies’ earnings, singling out both firms by name and suggesting they were charging too much amid the current price environment. The remarks came just days after Exxon and Chevron posted strong second-quarter results, with the companies attributing part of the gains to elevated crude prices tied to the ongoing conflict involving Iran.
Neither company immediately responded to requests for comment.
A Pattern of Public Pressure
The comments fit a broader pattern for Trump, who has often used his public platform to pressure businesses rather than pursue formal regulatory action. During his first term, he leaned on automakers to keep manufacturing jobs in the United States, challenged defense contractors over contract costs, and urged pharmaceutical companies to reduce drug prices. Since returning to the White House, he has continued relying on public statements and social media posts to try to shape corporate behavior.
Earlier in the day, Trump had also criticized Chevron Chief Executive Mike Wirth over a weekend television appearance, arguing that Wirth failed to credit the administration for supporting the oil industry. In a social media post, Trump pointed to Chevron’s return to operations in Venezuela as evidence of his administration’s influence.
Chevron has maintained a presence in Venezuela for more than 100 years, continuing operations there even after the government nationalized oil projects in 2007, a period when Exxon and ConocoPhillips chose to withdraw from the country.
The American Petroleum Institute, an industry trade group, said current fuel prices reflect broader market forces rather than the actions of any single company, pointing to global supply and demand pressures along with uncertainty surrounding key shipping routes.
Political Stakes Rise With Gas Prices
Trump has made increasing domestic energy production a priority of his administration and has generally been supportive of oil and gas expansion. At the same time, he has repeatedly urged producers to keep consumer prices down, a tension that has grown more visible as fuel costs have climbed.
Trump told reporters Monday that he expects prices to fall sharply once tensions with Iran ease, and said he wants companies to lower what drivers pay at the pump.
The issue carries political weight for Trump and congressional Republicans heading into the November midterm elections, as rising gas prices, driven in part by the conflict with Iran and broader affordability concerns, have become a point of public frustration. National average gasoline prices have risen more than 30% since the U.S. and Israel struck Iran earlier this year, hovering around $4.10 a gallon.
Global crude prices fell after Trump called off a planned large-scale strike on Iran over the weekend, though retail gas prices typically take longer to reflect such shifts.
Recent earnings reports from Exxon, Chevron, Valero Energy and Marathon Petroleum showed the extent to which higher crude prices and refining margins have boosted the industry’s profits since the conflict escalated earlier this year. Valero reported its best quarterly profit since the 2022 energy crisis triggered by Russia’s invasion of Ukraine, while Chevron posted its strongest quarterly earnings in at least six years.
