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US President Donald Trump accused ExxonMobil and Chevron of making “too much money” off higher fuel prices and said the oil giants should “give some of that back to the public,” a notable break from his usual alliance with the industry.
“I don’t like it,” Trump told reporters on Monday, three days after the companies reported blowout second-quarter earnings as the ongoing war in Iran keeps oil prices high.
“Chevron, too much money. ExxonMobil, too much. Too much money.”
Exxon and Chevron did not immediately respond to requests for comment.
Trump has frequently used public pressure as a tool to push corporate America to change its behaviour, often targeting companies directly through social media or remarks to reporters.
During his first term, he pressured automakers to keep production in the US, criticised defence contractors over costs and urged pharmaceutical companies to lower drug prices.
Since returning to office, he has continued that approach, using the power of the presidential platform to try to influence corporate decisions without always relying on formal government action.
Earlier on Monday, Trump called out Chevron Chief Executive Mike Wirth’s appearance on the Fox News programme Sunday Morning Futures with Maria Bartiromo for not crediting his administration’s efforts to help the 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!”
Chevron has operated in Venezuela for more than a century.
The company remained in the country when former President Hugo Chavez nationalised oil projects in 2007, while ExxonMobil and ConocoPhillips decided to exit Venezuela.
A spokesperson for the American Petroleum Institute, a trade organisation representing US oil firms, 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 has made expanding US energy production a centrepiece of his agenda, encouraging more drilling and calling for increased oil and gas output.
The industry has broadly welcomed those policies, but Trump has also repeatedly pressed producers to keep fuel prices low, creating tension between his push to maximise domestic production and his demands that companies limit profits when prices rise.
“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.
Higher gas prices fuelled by the Iran war and cost-of-living concerns pose a political risk to Trump ahead of November’s midterm elections when his fellow Republicans are seeking to retain control of Congress.
Retail gasoline prices, currently averaging around $4.10 nationwide, have climbed more than 30% since the US and Israel attacked Iran earlier this year.
While global oil prices plunged after Trump called off a planned “massive attack” on Iran over the weekend, prices at the gas pump tend to lag and do not necessarily follow suit.
Last week’s earnings from ExxonMobil, Chevron, Valero Energy and Marathon Petroleum highlighted the boost US oil companies received from higher crude prices and refining margins after the war began in February.
Valero reported its strongest quarterly profit since the 2022 energy crisis triggered by Russia’s attack on Ukraine, while Chevron posted its highest quarterly earnings in at least six years.
