WASHINGTON, D.C. — U.S. President Donald Trump criticized two of America’s largest oil companies on Monday, saying ExxonMobil and Chevron earned excessive profits as oil prices surged during the conflict involving Iran.
Speaking to reporters at the White House, Trump said the companies benefited from supply disruptions that drove up global crude oil prices and ultimately increased fuel costs for consumers.
“They’re making too much money based on a shortage,” Trump said. “I don’t like it.”
He singled out both companies by name, adding that they should return some of their gains to the public by reducing retail fuel prices.
“Chevron, too much money. ExxonMobil, too much money,” Trump said. “They’re going to give some of that back to the public, and they better cut the retail price, the consumer price.”
The remarks came just days after both energy giants released their second-quarter financial results, reporting significantly higher earnings compared with the same period last year.
Chevron posted a sharp increase in quarterly profit, reporting earnings of $12 billion, up from $2.5 billion a year earlier. ExxonMobil also reported strong results, with profits climbing to $14.5 billion, more than double the $7.1 billion it earned during the same quarter last year.
The earnings were fueled in part by elevated crude oil prices following military tensions involving the United States, Israel, and Iran. Since the conflict escalated, concerns over potential disruptions to global oil supplies—particularly through the strategically important Strait of Hormuz—have pushed energy prices higher.
From April through June, U.S. crude oil averaged around $92 per barrel, roughly 27% higher than during the first quarter of the year.
The increase in crude prices also translated into higher costs for motorists. According to AAA data, the national average price of gasoline reached approximately $4.10 per gallon on Monday, up nearly 40% from $2.98 per gallon before the conflict began.
Despite Trump’s criticism, energy stocks declined during Monday’s trading session as oil prices retreated amid optimism that renewed diplomatic talks between Washington and Tehran could ease geopolitical tensions and reduce concerns over supply disruptions.
Chevron shares fell nearly 2%, while ExxonMobil also traded lower.
Neither ExxonMobil nor Chevron immediately responded to requests for comment following Trump’s remarks. (CNBC)
