Trump slams oil giants: 'You're making too much money - lower your prices'

President Donald Trump sharply criticized major U.S. oil companies, accusing them of making "way too much money" and demanding they lower prices for consumers. The president's remarks, made to reporters, targeted ExxonMobil and Chevron, which recently reported significant profit increases.

Trump stated he "doesn't like it" that these companies are profiting from market shortages, particularly those exacerbated by the conflict in the Middle East. While affirming his support for free enterprise, he argued that these specific companies have benefited disproportionately from the consequences of the conflict in Iran. He suggested that companies seeing profits increase twelvefold compared to the previous year should return some of those gains to the public.

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When you see a company that has made twelve times more than it made last year, they should be giving back some of it to the people.

ExxonMobil and Chevron announced substantial second-quarter earnings, with ExxonMobil doubling its net profit to $14.5 billion and Chevron reporting $12.1 billion, a fivefold increase from the same period last year. Both companies, however, avoided directly linking their revenue surge to the Middle East conflict. The rising fuel prices have been a significant factor in maintaining high inflation levels this year, making it a politically sensitive issue just months before the November midterm elections, where Democrats are seeking to capitalize on public discontent.

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It is in their interest to lower prices at the pump.