Trump Criticizes Oil Giants for 'Too Much Profit' Amid Iran Tensions

President Donald Trump intensified his criticism of oil giants Exxon Mobil and Chevron on Monday, accusing the companies of profiting excessively while Americans face high gasoline prices. Trump stated that due to perceived shortages, these companies were making "too much money," urging them to lower retail prices.

The comments followed strong quarterly financial results reported by both companies, bolstered by rising crude oil prices linked to Middle East instability and increased refinery profit margins. This situation has drawn scrutiny as the Trump administration grapples with public pressure to reduce fuel costs ahead of the midterm elections.

“

From a shortage, they are making too much money. I don’t like it, although I should be the last person to say it, because I’m a big believer in free enterprise, nobody bigger than me.

Trump specifically targeted Chevron and Exxon Mobil, stating they were making "too much, too much money" and should return some of it to the public by cutting consumer prices. The national average gasoline price has hovered around $4.10 per gallon, a significant increase from below $3 before U.S. and Israeli actions against Iran. This follows a previous directive from Trump in late June for the Justice Department to investigate oil companies for not lowering prices quickly enough.

Chevron declined to comment, and Exxon did not immediately respond. Executives from both companies had previously warned that refining capacity shortages could keep gasoline prices high through the fall. The American Petroleum Institute, representing major oil producers, attributed high prices to global supply and demand, as well as ongoing uncertainties in key shipping routes like the Strait of Hormuz, rather than specific company actions.

“

Chevron, too much money. Exxon Mobil, too much, too much money. They should give some of that money back to the public and they’d better do it at the retail level, the consumer level.