Trump Slams ExxonMobil and Chevron for 'Too Much Money' from High Fuel Prices
US President Donald Trump has criticized oil giants ExxonMobil and Chevron for making 'too much money' from high fuel prices, calling on them to lower petrol prices. In a press conference on Monday (Aug 3), Trump stated that the two companies were taking advantage of the ongoing war in Iran to reap huge profits.
The US President's comments come after ExxonMobil and Chevron reported significant earnings for their second-quarter results, with both companies benefiting from higher crude prices and refining margins. Trump has a history of using public pressure to influence corporate behavior, often targeting companies directly through social media or remarks to reporters.
In his latest salvo, Trump pointed out that Chevron CEO Mike Wirth failed to acknowledge the role of the Trump administration in helping the oil industry during an appearance on Fox News. Trump took to his Truth Social platform to express his frustration, stating that without the administration's support, the oil industry would be 'dead'.
The American Petroleum Institute has countered Trump's claims, attributing higher petrol prices to global supply and demand imbalances, as well as ongoing uncertainty in critical shipping lanes. The trade organization represents US oil firms and has broadly welcomed Trump's policies aimed at expanding domestic energy production.