Trump Targets ExxonMobil, Chevron Over 'Too Much Money' from Higher Fuel Prices
US President Donald Trump has taken aim at ExxonMobil and Chevron, accusing them of making 'too much money' from higher fuel prices. In a rare break from his usual alliance with the oil industry, Trump said the companies should give some of that back to the public.
'I don't like it,' Trump told reporters on Monday, three days after the companies reported blowout second-quarter earnings as the ongoing war in Iran keeps oil prices high. 'Chevron, too much money. ExxonMobil, too much. Too much money.'
The industry has broadly welcomed Trump's policies to expand US energy production, but he 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.
'They better cut the retail price, the consumer price,' Trump told reporters on Monday. 'Oil prices will drop through the floor' when the conflict with Iran ends, he added.