WASHINGTON—President Donald Trump said on Monday that ExxonMobil and Chevron made "too much money" off higher fuel prices and the oil giants should "give some of that back to the public."
"I don't like it," Trump told reporters on Monday, three days after the companies reported blowout second-quarter earnings as the ongoing war in Iran keeps oil prices high. “Chevron, too much money. ExxonMobil, too much. Too much money.”
Exxon and Chevron did not immediately respond to requests for comment.
Earlier on Monday, Trump called out Chevron Chief Executive Mike Wirth's appearance on the Fox News program "Sunday Morning Futures with Maria Bartiromo" for not crediting his administration's efforts to help the 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 on his Truth Social platform. "As an example, they threw Mike and Chevron out of Venezuela, but now they're back, far bigger and stronger than ever before, expecting to make a fortune!"
Chevron has operated in Venezuela for more than a century. The company remained in the country when former leader Hugo Chavez nationalized oil projects in 2007, while ExxonMobil and ConocoPhillips decided to exit Venezuela.
Trump Demands Lower Prices at the Pump
Trump has made expanding U.S. energy production a centerpiece of his agenda, encouraging more drilling and calling for increased oil and gas output.The industry has broadly welcomed those policies. Trump has also repeatedly pressed producers to keep fuel prices low.
"They better cut the retail price, the consumer price,” Trump told reporters on Monday, adding that oil prices would "drop through the floor" when the conflict with Iran ends.
Retail gasoline prices, currently averaging around $4.10 nationwide, have climbed more than 30 percent since the United States and Israel attacked Iran earlier this year.
While global oil prices plunged after Trump called off a planned "massive attack" on Iran over the weekend, prices at the gas pump tend to lag and do not necessarily follow suit.
Last week's earnings from ExxonMobil, Chevron, Valero Energy and Marathon Petroleum highlighted the boost U.S. oil companies received from higher crude prices and refining margins after the war began in February.
Valero reported its strongest quarterly profit since the 2022 energy crisis triggered by Russia's invasion of Ukraine, while Chevron posted its highest quarterly earnings in at least six years.