Trump Demands ExxonMobil and Chevron Lower Fuel Prices Amid Record Profits
US President Donald Trump is calling on ExxonMobil and Chevron to lower fuel prices after both companies reported record profits. The oil giants' second-quarter earnings were boosted by higher crude prices, but Trump argues that they are making 'too much money.' He says the companies should 'give some of that back to the public.'
Trump's comments come as global oil prices remain high due to ongoing tensions with Iran. The conflict has contributed to a 30% increase in retail gasoline prices since February, averaging around $4.10 nationwide.
In a statement on his Truth Social platform, Trump also criticized Chevron CEO Mike Wirth for not crediting the administration's efforts in helping the oil industry. He claims that without their support, the sector would be 'dead.'
The American Petroleum Institute has countered that higher prices are driven by global supply and demand issues, as well as uncertainty around key shipping lanes.