Trump Slams Exxon and Chevron Over 'Too Much Money'

US President Donald Trump has criticized ExxonMobil and Chevron for making 'too much money' from higher fuel prices, urging them to lower gasoline prices. Speaking to reporters on August 3, Trump said, 'I don't like it... Chevron, too much money. ExxonMobil, too much. Too much money.'

This is a departure from his usual alliance with the oil industry. Trump has often used public pressure to push corporate America to change its behavior. He has pressed automakers to keep production in the US and urged pharmaceutical companies to lower drug prices.

The president's comments come as global oil prices remain high due to the ongoing war in Iran. The conflict has driven up crude prices, benefiting US oil companies like ExxonMobil and Chevron. Last week, these companies reported strong earnings, with Valero Energy posting its strongest quarterly profit since 2022.

The American Petroleum Institute, a trade organization representing US oil firms, attributed the current high prices to global supply, demand, and uncertainty around critical shipping lanes.