Key facts
- Donald Trump criticized Exxon Mobil and Chevron for making excessive profits.
- Trump stated that oil companies should lower retail gasoline prices.
Donald Trump criticized Exxon Mobil and Chevron for reporting high profits, urging them to lower retail gasoline prices. He also claimed his administration's policies were responsible for the companies' success.
The comments highlight ongoing political pressure on energy companies regarding pricing and profitability, particularly during periods of high consumer costs and geopolitical instability affecting global energy markets.
Donald Trump has publicly criticized Exxon Mobil and Chevron, two of the largest U.S. oil producers, for what he described as excessive profits. Following strong earnings reports from both companies on Friday, Trump stated, 'Chevron, too much money. Exxon Mobil, too much, too much money.' He urged them to 'give some of that back to the public' and to 'cut the retail price, the consumer price.'
The average U.S. retail gasoline price has recently been around $4.10 per gallon, a significant increase from below $3 before February. Trump had previously directed the Justice Department in late June to investigate major oil companies for not lowering gasoline prices sufficiently as crude oil prices declined. However, pump prices are typically determined by individual gas station retailers, not the major producers.
Chevron and Exxon Mobil did not immediately respond to requests for comment. Executives from both companies had warned during their earnings calls that a lack of refining capacity could sustain high gasoline prices into the fall.
Andrea Woods, a spokesperson for the American Petroleum Institute, stated that current price levels are influenced by global supply and demand dynamics, as well as ongoing uncertainty regarding critical shipping lanes like the Strait of Hormuz, rather than individual company actions. She added that the industry aims to provide affordable energy.
Trump also specifically criticized Chevron CEO Mike Wirth on social media for not acknowledging the role of his administration's policies in the company's record-breaking quarter. Trump wrote that without his administration's "genius, foresight, strength, and stability," the oil industry and the country would be in a dire state, reiterating his demand for oil companies to lower consumer prices immediately.