Trump Blasts ExxonMobil and Chevron for 'Too Much Money' from Higher Oil Prices

US President Donald Trump has expressed discontent over ExxonMobil and Chevron's massive profits from higher oil prices, saying they made 'too much money'. The oil giants reported strong second-quarter earnings after the ongoing conflict in Iran kept fuel prices high. Trump called out Chevron CEO Mike Wirth for not crediting his administration's efforts to help the oil industry on Fox News.

'Too much money' is how Trump described ExxonMobil and Chevron's profits, saying they should 'give some of that back to the public'. The President has made expanding US energy production a centerpiece of his agenda, encouraging more drilling and calling for increased oil and gas output. The industry has welcomed these policies.

Trump also pressed producers to keep fuel prices low, saying oil prices would 'drop through the floor' when the conflict with Iran ends. Retail gasoline prices have climbed over 30% since the US and Israel attacked Iran earlier this year, averaging around $4.10 nationwide. Global oil prices plunged after Trump called off a planned attack on Iran over the weekend, but prices at the gas pump tend to lag.

The earnings from ExxonMobil, Chevron, Valero Energy, and Marathon Petroleum highlighted the boost US 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.