President Donald Trump has criticized Exxon Mobil and Chevron after the two oil giants reported combined quarterly profits of approximately $26.5 billion, arguing the companies should return some gains to consumers through lower fuel prices.
Trump said Monday that both companies were benefiting from supply shortages while Americans continued paying higher prices at gasoline stations. His comments came as his administration faces pressure to address fuel costs before the midterm elections.
“Based on a shortage, they’re making too much money,” Trump told reporters at the White House. “I don’t like it, and I should be the last one to say because I’m a big free enterprise guy — nobody bigger.”
The president specifically named Exxon Mobil and Chevron, urging the companies to reduce retail fuel prices. “Chevron, too much money. Exxon Mobil, too much, too much money,” Trump said. “They ought to give some of that back to the public, and they better cut the retail price, the consumer price.”
Exxon Mobil reported second-quarter earnings of $14.5 billion, more than double its profit from the same period a year earlier. Chevron posted $12.1 billion in earnings, nearly five times its year-ago result.
Both companies benefited from higher crude prices and stronger refining margins during the quarter. Oil markets faced disruptions linked to tensions in the Middle East, including concerns around supply routes and refinery capacity.
Meanwhile, industry representatives pushed back against claims that individual oil producers are responsible for elevated gasoline prices.
The American Petroleum Institute said fuel prices reflect global supply and demand conditions, along with uncertainty surrounding key shipping routes.
Andrea Woods, an API spokesperson, said higher prices were “driven by global supply, demand and continued uncertainty around the Strait of Hormuz and other critical shipping lanes—not by any one company".
Retail gasoline prices are generally determined by independent fuel station operators, rather than directly by major oil producers. Distribution costs, taxes, crude prices and refining margins also influence prices paid by consumers.
Exxon and Chevron executives warned during earnings calls that limited refining capacity could keep gasoline prices elevated through the autumn.
The average US gasoline price has remained near $4.10 per gallon, compared with below $3 before the United States and Israel launched strikes against Iran in February.
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Additionally, Trump has increased scrutiny of major oil companies in recent months. In late June, he ordered the Justice Department to investigate whether large producers failed to reduce gasoline prices quickly enough after crude prices declined.
Trump also criticized Chevron CEO Mike Wirth in a social media post, claiming the executive failed to recognize his administration’s role in supporting the energy sector. He said oil companies should immediately lower consumer fuel prices, including retail gasoline costs.
The comments follow a period of strong earnings for US energy companies, supported by higher oil prices during Middle East tensions. Chevron also reported record US production and a 20% increase in global output.
However, oil markets have recently shown volatility as traders monitor diplomatic developments involving Iran and possible changes to supply conditions. Lower crude prices could reduce pressure on gasoline markets if disruptions ease.
Trump has argued fuel prices will decline if tensions in the region decrease, while industry officials maintain that broader market forces determine costs at the pump.