President Donald Trump took direct aim at two of the nation’s largest oil companies Monday, accusing ExxonMobil and Chevron of profiting excessively from soaring gasoline prices while American families continue paying more at the pump.
The unusual criticism marked a notable departure from Trump’s generally close relationship with the energy industry, which has largely welcomed his administration’s push for expanded domestic oil and gas production.
Speaking to reporters at the White House, Trump said he was unhappy with the massive second-quarter earnings recently reported by the energy giants, arguing consumers deserve relief after months of elevated fuel prices.
“I don’t like it,” Trump said. “Chevron, too much money. ExxonMobil, too much. Too much money.”
Trump went even further by suggesting the companies should return some of their profits to the public through lower gasoline prices.
“They better cut the retail price, the consumer price,” Trump said. “I’ll say it loud and clear: I’m not happy about it.”
The president’s comments came just days after several major oil companies posted blockbuster earnings fueled by higher crude prices and stronger refining margins during the ongoing conflict involving Iran.
Chevron reported its strongest quarterly earnings in at least six years, while ExxonMobil also posted one of its best profit reports in recent memory. Other refiners, including Valero Energy and Marathon Petroleum, likewise benefited from the sharp increase in oil prices following the outbreak of fighting earlier this year.
Earlier Monday, Trump also criticized Chevron CEO Mike Wirth following his appearance on Fox News’ “Sunday Morning Futures.”
In a Truth Social post, Trump complained that Wirth failed to acknowledge his administration’s efforts to support the American energy 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.
He also pointed to Chevron’s renewed operations in Venezuela, saying the company is now positioned to make enormous profits after previously facing setbacks there.
Chevron has maintained a presence in Venezuela for more than a century. Unlike ExxonMobil and ConocoPhillips, which exited many Venezuelan operations after former President Hugo Chávez nationalized oil assets in 2007, Chevron remained active in the country and has since expanded operations under the Trump administration’s policies.
The president’s frustration comes as Americans continue facing elevated gasoline prices.
National average gasoline prices remain above $4 per gallon, representing a jump of more than 30% compared to levels before the Iran conflict disrupted global energy markets. While crude oil prices have recently declined amid hopes for diplomatic progress, prices at gas stations have been slower to follow.
Industry groups pushed back against Trump’s criticism, arguing oil companies are not solely responsible for higher prices.
The American Petroleum Institute said current fuel costs are being driven primarily by global supply and demand, along with continuing uncertainty surrounding the Strait of Hormuz and other key shipping lanes, rather than excessive corporate pricing.
Trump has made increasing domestic energy production one of the central pillars of his second administration, repeatedly encouraging additional drilling and promising to make America a dominant energy producer. At the same time, however, he has consistently insisted that consumers should benefit from lower prices rather than seeing companies capture windfall profits.
The president predicted oil prices would “drop through the floor” once the conflict with Iran comes to an end, expressing confidence that cheaper crude will eventually translate into lower gasoline prices for drivers across the country.
