Trump Takes Aim at Exxon and Chevron for 'Too Much Money' from Higher Fuel Prices
US President Donald Trump has criticized oil giants ExxonMobil and Chevron for making 'too much money' off higher fuel prices. Speaking to reporters on August 3, Trump stated that the companies should 'give some of that back to the public.'
This is a notable break from his usual alliance with the industry, which has broadly welcomed his policies encouraging more drilling and increased oil and gas output.
Trump's comments come after ExxonMobil and Chevron reported blowout second-quarter earnings due to higher crude prices and refining margins following the ongoing war in Iran. The companies' profits have climbed significantly since February, with Valero Energy reporting its strongest quarterly profit since the 2022 energy crisis triggered by Russia's invasion of Ukraine.
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. He has pressured automakers to keep production in the US, criticized defence contractors over costs, and urged pharmaceutical companies to lower drug prices.