President Trump publicly accused Exxon Mobil and Chevron of taking excessive profits and demanded immediate cuts to retail gasoline prices after both posted strong quarterly earnings. The U.S. average for regular gas is about $4.10 per gallon, up from under $3 earlier this year; company executives warn constrained refining capacity could keep prices elevated into the fall. Trump also ordered a Justice Department inquiry into major oil companies, while industry groups point to global supply, demand and geopolitical uncertainty as the primary price drivers.
Trump Slams Exxon Mobil and Chevron: 'Making Too Much Money,' Demands Immediate Gas Price Cuts
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President Donald Trump sharply criticized Exxon Mobil and Chevron on Monday, accusing the oil giants of "making too much money" amid rising U.S. retail gasoline prices and demanding they cut pump prices immediately.
Trump singled out both companies after they reported strong quarterly results, saying their profits were excessive given what he described as a shortage and urging them to pass savings along to consumers.
“Based on a shortage, they're making too much money. They ought to give some of that back to the public,” Trump told reporters in the Oval Office. “Chevron, too much money. Exxon Mobil, too much, too much money.”
He repeated the criticism on social media, calling on Chevron CEO Mike Wirth to acknowledge administration policies that, he said, helped produce the company’s record quarter, and demanding that oil companies “get your consumer (retail!) Oil Prices DOWN, NOW!”
The U.S. national average for regular gasoline has hovered near $4.10 per gallon in recent weeks, up from under $3 per gallon earlier in the year after military actions involving the U.S., Israel and Iran in February. Executives at both companies have warned that constrained refining capacity could keep pump prices elevated into the fall.
In late June, the president directed the Justice Department to open an inquiry into major oil companies, accusing them of not lowering retail prices fast enough as crude costs eased. Industry analysts and trade groups note that retail pump prices are often set by independent gas station operators rather than by large producers or refiners.
Chevron declined to comment on the president’s remarks, and Exxon Mobil did not immediately respond. Andrea Woods, a spokesperson for the American Petroleum Institute, attributed higher pump prices to "global supply, demand and continued uncertainty around the Strait of Hormuz" and said the industry shares the goal of providing affordable energy.
The rebuke is notable coming from a leader who frequently positions himself as a defender of free enterprise, underscoring the political pressure on energy companies as consumers and lawmakers watch fuel costs. Media outlets widely covered the president's comments following the companies' earnings releases.
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