Trump Demands Lower Gas Prices from ExxonMobil and Chevron

U.S. President Donald Trump has accused ExxonMobil and Chevron of making 'too much money' from higher fuel prices, saying they should 'give some of that back to the public'. In a statement on Monday, Trump claimed his administration had saved the oil industry and criticized Chevron CEO Mike Wirth for not crediting the administration's efforts in a recent interview.

The remarks come after both ExxonMobil and Chevron reported blowout earnings last week, with Chevron posting its highest quarterly earnings in at least six years. The companies' profits were driven by higher crude prices and refining margins following the ongoing war in Iran, which has contributed to increased global oil prices.

Trump has a history of using public pressure to push corporate America to change its behavior, often targeting companies directly through social media or remarks to reporters. In this case, he is calling for lower gasoline prices at the pump, saying that oil prices will 'drop through the floor' when the conflict with Iran ends.

A spokesperson for the American Petroleum Institute noted that higher gas prices are driven by global supply, demand, and uncertainty around shipping lanes, rather than any one company's actions.