Trump Slams Exxon Mobil and Chevron over Gas Prices

President Donald Trump has taken aim at Exxon Mobil and Chevron over their high profits amidst soaring gasoline prices in the US. The two major oil companies reported strong earnings last Friday, buoyed by higher crude prices caused by supply disruptions in the Middle East and increased profit margins for refineries.

The average U.S. retail gasoline price has hovered near $4.10 a gallon for the past week, up from less than $3 before the US and Israel launched their attacks against Iran in February. Trump criticized both companies by name, saying 'Chevron, too much money. Exxon Mobil, too much, too much money.'

He added that oil majors are making 'too much money' while Americans struggle with higher prices at the pump. Trump specifically called out Chevron CEO Mike Wirth for not crediting the administration's policies for the company's record quarter.

The American Petroleum Institute, which represents major oil producers, said in a statement that higher prices are driven by global supply, demand, and uncertainty around critical shipping lanes.