Trump Demands Lower Gas Prices from ExxonMobil and Chevron

U.S. President Donald Trump criticized ExxonMobil and Chevron on Monday for making 'too much money' off higher fuel prices. He demanded that the oil giants lower gasoline prices, citing the companies' recent blowout earnings.

Trump's comments came after the two companies reported record-breaking second-quarter earnings due to the ongoing war in Iran, which has driven up oil prices. Chevron and ExxonMobil did not immediately respond to requests for comment.

The President has a history of using public pressure to influence corporate behavior, often targeting companies on social media or through remarks to reporters. He has previously pressured automakers to keep production in the U.S., criticized defense contractors over costs, and urged pharmaceutical companies to lower drug prices.

Trump also took issue with Chevron Chief Executive Mike Wirth's appearance on Fox News, stating that Wirth failed to mention the Trump administration's efforts to help the oil industry. The President claimed that without his administration's support, the oil industry would be 'DEAD!' and that Chevron was now 'far bigger and stronger than ever before'.

A spokesperson for the American Petroleum Institute said that higher gas prices are driven by global supply, demand, and uncertainty around critical shipping lanes, not by any one company. Trump has repeatedly pressed producers to keep fuel prices low, creating tension between his push to maximize domestic production and his demands that companies limit profits when prices rise.

The President stated that oil prices would 'drop through the floor' when the conflict with Iran ends. With retail gasoline prices averaging around $4.10 nationwide, a 30% increase since the U.S. and Israel attacked Iran earlier this year, Trump's comments come as his administration faces pressure to address rising fuel costs ahead of November's midterm elections.