President Donald Trump on Monday publicly criticized ExxonMobil and Chevron for reporting record profits, calling their earnings 'too much money' and demanding the companies lower gasoline prices for consumers. The remarks came as U.S. gasoline prices remain above $4 per gallon, driven by elevated oil prices linked to the ongoing conflict involving Iran.
Trump’s direct criticism and profit figures
During an Oval Office appearance, Trump stated, 'Chevron, too much money. ExxonMobil, too much money. They're going to give some of that back to the public and they better cut the retail price, the consumer price.' His comments followed the release of second-quarter earnings reports showing significant profit increases for both companies. Chevron’s profits surged nearly 400% to $12 billion, compared to $2.5 billion in the same period last year, while ExxonMobil’s profits more than doubled to $14.5 billion, up from $7.1 billion in 2025.
Oil prices and geopolitical context
Trump attributed the high oil prices to the Iran conflict, which has disrupted crude oil exports through the Strait of Hormuz. U.S. crude oil averaged around $92 per barrel from April through June, a 27% increase from the first quarter. Brent crude, the international benchmark, fell over 4% on Monday to about $84 per barrel, amid reports of potential diplomatic progress to end the conflict. However, prices remain significantly higher than pre-war levels.
Trump’s broader pressure on oil companies
The president has previously used public pressure to influence corporate behavior, targeting industries such as automakers, defense contractors, and pharmaceutical companies. In a Truth Social post on Monday, Trump criticized Chevron CEO Mike Wirth for not acknowledging his administration’s role in supporting the oil industry. Trump wrote, '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!' He cited Chevron’s return to operations in Venezuela as an example of his administration’s impact.
Public and political reactions
A recent CBS News poll found that about half of Americans reported financial difficulties due to elevated fuel costs, with 80% saying the Trump administration is not focusing enough on lowering consumer prices. Trump predicted that oil prices would 'drop through the floor' once the Iran conflict concludes, though he provided no timeline for such a resolution.
Both ExxonMobil and Chevron declined to comment when asked about Trump’s remarks. The companies have not indicated plans to reduce retail gasoline prices despite the president’s demands.