Trump Demands Oil Giants Cut Pump Prices Amid Record High Fuel Costs

President Donald Trump has called on Chevron Corporation and ExxonMobil Holdings Corporation to cut their pump prices, saying they are making 'too much money' from a shortage caused by the Iran war. The average national price of regular gasoline in Pennsylvania is currently $4.089 per gallon, up 94 cents from last year's average.

The president made his remarks at the Resolute Desk in the Oval Office before signing an executive order, citing the fivefold increase in Chevron's earnings and ExxonMobil's doubling of profits in the second quarter. Trump wants the companies to give back some of their profit to consumers and cut retail prices.

However, neither company has committed to lowering prices, with Chevron's next scheduled action being a payment to shareholders rather than customers. The president's call for lower prices comes as crude oil prices have risen 20% since the US and Israel attacked Iran in February.