US President Calls for Big Oil to Return Profits to the Public
WASHINGTON: On Monday, President Donald Trump criticized ExxonMobil and Chevron, saying they were making “too much money” due to rising fuel prices. Trump suggested that the oil companies should “give some of that back to the public.” This statement marks a surprising shift, as Trump has often supported the oil industry.
“I don’t like it,” Trump told reporters. His comments came shortly after both companies announced impressive earnings for the second quarter, driven by ongoing high oil prices amid the conflict in Iran. “Chevron, too much money. Exxon, too much. Too much money.”
Neither ExxonMobil nor Chevron immediately commented on Trump’s remarks. Throughout his presidency, Trump has often used public pressure to influence corporate behavior, frequently targeting firms through social media or press statements.
In his first term, he urged auto manufacturers to keep jobs in the U.S., criticized defense contractors for high costs, and pushed pharmaceutical companies to lower drug prices. Since taking office again, he has continued to leverage his platform to sway corporate decisions, often without formal government actions.
Earlier that same day, Trump took a jab at Chevron’s CEO Mike Wirth for not giving credit to his administration’s support for the oil sector during an appearance on Fox News. “He conveniently forgot to mention that, without the genius, foresight, strength, and stability of the TRUMP Administration, the Oil Industry would be DEAD!” Trump stated on his Truth Social platform, reminding followers that Chevron has operated in Venezuela for over a century, unlike ExxonMobil, which pulled out during the nationalization of oil projects in 2007.
The American Petroleum Institute, representing U.S. oil companies, responded by noting that current high prices stem from global supply and demand issues, not the actions of any single company.
Trump’s Push for Lower Gas Prices
Trump has made boosting U.S. energy production a key part of his agenda, encouraging more drilling and calls for increased oil and gas output. While the industry largely supports these policies, Trump has also been vocal about pushing companies to keep fuel prices down, which creates a bit of tension between his desire for more production and his insistence on lower profits when prices rise.
“They better cut the retail price, the consumer price,” he warned reporters on Monday. He also predicted that oil prices would plummet once the conflict with Iran is resolved.
High gas prices, partly driven by the war in Iran, pose a political risk for Trump as the midterm elections approach. Republicans are eager to maintain control of Congress, and retail gasoline prices have surged more than 30% following recent military actions. Currently, gas prices average around $4.10 nationwide. Although global prices dipped after Trump canceled a proposed military action against Iran over the weekend, retail gas prices usually respond more slowly.
Recent earnings reports from ExxonMobil, Chevron, Valero Energy, and Marathon Petroleum reflect the benefits these companies have gained from higher crude prices following the outbreak of the Iran conflict. For instance, Valero reported its strongest quarterly profit since the 2022 energy crisis, and Chevron noted its highest earnings in over six years.
