President Donald Trump just went after two of America’s biggest oil companies and didn’t hold back. Trump publicly blasted Exxon Mobil and Chevron over their recent profits, demanding immediate action on consumer gas prices.
Donald Trump wants big oil companies to lower the gas price
President Donald Trump publicly criticized Exxon Mobil and Chevron for excessive profits, Politico reported on Monday. Trump urged both oil giants to lower retail gasoline prices for American consumers immediately.
“Based on a shortage, they’re making too much money,” Trump told reporters in the Oval Office. He added that the companies “ought to give some of that back to the public.” Trump specifically targeted both firms after they reported strong quarterly earnings on Friday.
“Chevron, too much money. Exxon Mobil, too much, too much money,” Trump said during the briefing. He also demanded that both companies “better cut the retail price, the consumer price.” The remarks mark a rare rebuke of the oil industry from the self-described “big free enterprise guy.”
The average U.S. retail gasoline price has hovered near $4.10 per gallon recently. Prices sat below $3 before the United States and Israel launched attacks against Iran in February. Both companies’ executives warned that limited refining capacity could keep prices elevated through the fall.
Trump also criticized Chevron CEO Mike Wirth on social media Monday morning. He accused Wirth of failing to credit administration policies for the company’s record quarter. Trump wrote that all oil companies must “get your consumer (retail!) Oil Prices DOWN, NOW!”
In late June, Trump ordered the Justice Department to investigate big oil companies. He accused them of not lowering gasoline prices fast enough as crude oil costs weakened. However, gas station retailers typically set pump prices rather than major oil producers.
Chevron declined to comment on the remarks while Exxon did not immediately respond. Andrea Woods, a spokesperson for the American Petroleum Institute, attributed higher prices to “global supply, demand and continued uncertainty around the Strait of Hormuz.” She added that the industry shares the goal of delivering affordable energy for consumers.
