Trump Rips Big Oil Over Iran War Profits, Demands Companies Cut Gas Prices
President Donald J. Trump took aim at some of America’s largest oil companies Monday, accusing ExxonMobil and Chevron of making “too much money” from soaring energy prices during the Iran war and demanding that they pass some of those profits back to American consumers through lower prices at the pump.
Speaking to reporters in the Oval Office, President Trump said he remains a strong supporter of American energy companies and free enterprise but believes the extraordinary profits generated by wartime supply disruptions have gone too far. “They’re making too much money based on a shortage,” Trump said. “I don’t like it.”
Trump specifically singled out ExxonMobil and Chevron after both companies reported massive second-quarter earnings. Exxon posted approximately $14.5 billion in profit, more than double its earnings during the same period last year, while Chevron reported roughly $12 billion, its strongest quarterly profit in six years.
“Chevron, too much money. ExxonMobil, too much money,” Trump said. He argued that the companies should return some of their windfall to Americans by lowering retail fuel prices, saying they “ought to give some of that back” rather than allowing consumers to shoulder the full cost of the energy shortage.
The Iran conflict sent oil prices above $100 per barrel and pushed the national average price for gasoline to roughly $4.56 per gallon. The administration has increasingly pressured energy companies over the gap between their surging profits and the elevated prices Americans continue paying at gas stations.
Trump also targeted Chevron CEO Mike Wirth, arguing that the company’s current strength was made possible in part by his administration’s pro-energy policies. Trump has repeatedly promoted expanded American drilling and energy production, but his latest comments make clear that he does not want oil companies using the Iran-driven supply crunch to collect excessive profits at the expense of consumers.
The president previously ordered the Justice Department to investigate possible price gouging by oil companies as gasoline prices remained elevated. Neither Exxon nor Chevron immediately responded to the New York Post’s requests for comment on Trump’s latest remarks.
Trump predicted that Americans could soon see substantial relief if his administration succeeds in bringing the Iran conflict to an end. Oil prices already fell sharply Monday after he canceled a planned attack on Iran while pursuing a potential agreement, with Brent crude dropping about 7% to $83.77 per barrel.