President Donald Trump has publicly criticized Exxon Mobil and Chevron after the oil giants reported combined second-quarter profits of approximately $26.5 billion. Trump argued that the companies are profiting excessively from supply shortages and urged them to reduce retail fuel prices for American consumers.
Speaking at the White House on Monday, Trump said both companies were benefiting from supply disruptions while Americans continued to face high gasoline prices. His remarks come as his administration faces mounting pressure to address fuel costs ahead of the midterm elections.
“Based on a shortage, they’re making too much money,” Trump told reporters. “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, calling on them to cut prices at the pump. “Chevron, too much money. Exxon Mobil, too much, too much money. They ought to give some of that back to the public, and they better cut the retail price, the consumer price,” Trump said.
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 amid Middle East tensions and supply chain concerns.
Oil Companies Defend Market Conditions
Industry representatives pushed back against claims that individual oil producers are responsible for elevated gasoline prices. The American Petroleum Institute (API) said fuel prices reflect global supply and demand conditions, along with uncertainty surrounding key shipping routes.
Andrea Woods, an API spokesperson, stated that 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 consumer prices.
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.
Trump Renews Pressure on Energy Firms
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 reiterated that 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.
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.