Trump Takes Aim at Exxon and Chevron Over 'Excessive' Fuel Profits

President Donald Trump has criticized Exxon and Chevron for making 'too much money' off soaring fuel prices. He claimed that oil companies should give some of their funds back to the public.

In a statement on Monday, Trump said he doesn't like the fact that these companies are reaping huge profits during a time of economic uncertainty. The President mentioned that Chevron and Exxon reported high second-quarter earnings due to the ongoing Iran war, which has driven up oil prices.

Trump specifically called out Chevron's CEO, Mike Wirth, for not crediting his administration's efforts in helping the oil industry on a recent Fox News appearance. He wrote on his Truth Social platform that without his administration's support, the oil industry would be 'dead'. Trump also noted that Chevron was thrown out of Venezuela but is now back and thriving due to his administration's policies.

The President has been pushing for lower oil prices and believes they will fall once the Iran war concludes. As of Tuesday, the average gas price is $4.08 a gallon, according to AAA. This is a concern for many Americans who are struggling with high cost-of-living expenses.