Trump Pressures Exxon, Chevron to Lower Gas Prices After Record Earnings

US President Donald Trump has criticized Exxon Mobil and Chevron after the oil giants reported combined quarterly profits of approximately $26.5 billion.

The companies' earnings were driven by higher crude prices and stronger refining margins during the second quarter, with Exxon reporting $14.5 billion in earnings, more than double its profit from the same period a year earlier, and Chevron posting $12.1 billion in earnings, nearly five times its year-ago result.

Trump argued that the companies should return some gains to consumers through lower fuel prices, claiming that they are benefiting from supply shortages while Americans continue paying higher prices at gasoline stations.

The American Petroleum Institute pushed back against Trump's claims, stating that fuel prices reflect global supply and demand conditions, along with uncertainty surrounding key shipping routes.