'Too much money': Trump attacks ExxonMobil & Chevron over massive profits, demands lower gasoline prices for American drivers

US President Donald Trump has publicly criticised oil majors ExxonMobil and Chevron for posting strong profits while American motorists continue to face high fuel prices, saying the companies are making "too much money" and should return some of those gains to consumers.

According to Reuters, Trump's remarks mark an unusual departure from his traditionally close relationship with the US oil industry, which has broadly supported his pro-energy agenda.

Trump says ExxonMobil and Chevron are making 'too much money'

Speaking to reporters on Monday, Trump expressed frustration over soaring fuel prices following the latest quarterly earnings reported by major oil companies.


"I don't like it," Trump said, according to Reuters.

"Chevron, too much money. ExxonMobil, too much. Too much money."

The comments came just days after ExxonMobil and Chevron announced robust second-quarter earnings, boosted by higher oil prices linked to the ongoing conflict involving Iran.

Reuters reported that neither ExxonMobil nor Chevron immediately responded to requests for comment.

Trump calls out Chevron CEO over television interview

Earlier on Monday, Trump also criticised Chevron Chief Executive Mike Wirth after the executive appeared on Fox News' Sunday Morning Futures with Maria Bartiromo.

In a post on his Truth Social platform, Trump accused Wirth of failing to acknowledge his administration's role in supporting the US 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.

He also pointed to Chevron's operations in Venezuela, saying the company had returned stronger than before and was now positioned to generate significant profits.

Chevron's long history in Venezuela

According to Reuters, Chevron has operated in Venezuela for more than a century.

The company remained in the country after former President Hugo Chávez nationalised oil projects in 2007, whereas ExxonMobil and ConocoPhillips chose to leave the South American nation.

Oil industry says global tensions are driving prices

Responding to Trump's criticism, the American Petroleum Institute (API) defended the industry.

A spokesperson for the trade association told Reuters that higher fuel prices are being driven by global market conditions rather than the actions of individual companies.

"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," the spokesperson said.

Trump urges oil companies to reduce petrol prices

Trump has made expanding US oil and gas production one of the central pillars of his energy policy, encouraging increased drilling and domestic energy output.

However, Reuters noted that he has also repeatedly urged producers to keep petrol prices low, creating a balancing act between encouraging production and limiting consumer costs.

"They better cut the retail price, the consumer price," Trump told reporters on Monday.

He also predicted that oil prices would "drop through the floor" once the conflict involving Iran comes to an end.

Fuel prices remain a political issue ahead of US midterm elections

According to Reuters, rising petrol prices have become a growing political challenge for Trump as Republicans prepare for November's midterm elections.

Average US petrol prices currently stand at around $4.10 per gallon, having risen by more than 30% since military action involving the US, Israel and Iran intensified earlier this year.

Although global crude oil prices fell after Trump called off a planned large-scale military strike on Iran over the weekend, Reuters noted that retail fuel prices typically respond more slowly and may not immediately reflect movements in crude markets.

Oil companies report strong earnings

Reuters reported that higher crude prices and stronger refining margins have significantly boosted profits across the US energy sector.

Among the latest results:

• ExxonMobil reported strong second-quarter earnings.
• Chevron posted its highest quarterly profit in at least six years.
• Valero Energy recorded its strongest quarterly earnings since the 2022 energy crisis triggered by Russia's invasion of Ukraine.
• Marathon Petroleum also benefited from stronger refining margins.

Inputs from agencies