Trump Tells Oil Companies to Cut Gas Prices After 'Too Much Money' Profits

President Trump has called on U.S. oil companies to reduce gasoline prices, asserting that these energy giants have made "too much money" due to elevated oil prices exacerbated by the Iran war. His remarks come as international benchmark Brent crude fell over 4% to around $84 a barrel amid hopes for diplomatic progress in the Middle East. However, oil prices remain significantly higher than pre-war levels, with U.S. gasoline prices exceeding $4 a gallon, a substantial increase from about $3 before the conflict.

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But they made too much money, too much money. Chevron, too much money. Exxon Mobil, too much. Too much money.

A recent CBS News poll revealed that approximately half of Americans are experiencing financial hardship due to high fuel costs. Furthermore, about 80% of those surveyed believe the Trump administration is not prioritizing consumer price reductions sufficiently. Trump predicted that oil prices would drop sharply once the Iran conflict concludes.

Trump specifically targeted Chevron and ExxonMobil, stating they profited excessively from the surge in oil prices, which escalated as the war disrupted crude flow through the Strait of Hormuz. "They made too much money, too much money. Chevron, too much money. Exxon Mobil, too much. Too much money," Trump declared at the Oval Office. He urged companies to return some of their profits to the public and lower retail prices, adding, "I'm not happy about it."

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I'm not happy about it.

ExxonMobil declined to comment, and Chevron did not immediately respond to a request for comment. The article notes that former President Joe Biden also criticized oil companies for their profits during a period of high inflation. Trump also recently criticized Chevron CEO Mike Wirth, accusing him of failing to acknowledge the Trump administration's support for the energy industry. The article also mentions that Chevron benefits from operations in Venezuela, with company executives suggesting that increased crude imports from Venezuela are helping to moderate U.S. gas prices.

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When you look at one company, where they made 12 times what they made the year before, they're going to give some of that back to the public, and they better cut the retail price, the consumer price.