Exxon Mobil and Chevron reported combined second-quarter profits of $29 billion. Trump criticized the oil giants for 'earning too much,' demanding they return part of their profits to the public and lower gasoline prices. As the November midterm elections approach, high fuel prices are becoming a source of political pressure for the White House.
U.S. President Trump directed his criticism at major American oil companies, condemning Exxon Mobil Corporation (XOM) and Chevron Corporation (CVX) for reaping massive profits amid the Iran war–driven surge in energy prices, and demanding that both companies lower gasoline prices borne by consumers.
Trump stated that the two companies were “making too much money” and should “return some of their profits to the public.” He added that although he has long supported the free enterprise system, he could not accept the current level of profitability in the oil industry.
“I don’t like this. I shouldn’t be the one saying it, because I’m a staunch supporter of the free enterprise system—nobody supports it more than I do,” Trump told reporters at the White House on Monday. “Are you surprised I’m saying this? I’m going to say it loud and clear. I’m very unhappy about this.”
Exxon Mobil and Chevron reported combined second-quarter profits of $29 billion, equivalent to average daily earnings of approximately $318 million—more than triple their profit from the same period last year. The crisis in the Strait of Hormuz, which pushed up oil prices, was a key driver of the profit surge, alongside significantly higher refining margins from sales of gasoline, diesel, and jet fuel.
“Chevron—too much money. Exxon Mobil—too much. Too much money,” Trump told reporters on Monday.
Neither company issued a comment. On Monday afternoon, as crude oil prices declined, Chevron’s stock fell by about 2%, while Exxon Mobil’s shares dropped by 0.6%.
The national average retail price for gasoline currently stands at around $4.10 per gallon, having risen by more than 30% since the U.S. and Israel launched strikes against Iran earlier this year. American consumers continue to face upward pressure on prices for housing, food, and other daily necessities.
As economic pressures intensify, Trump’s approval ratings on handling the economy and the war are under strain, posing risks to the Republican Party’s performance in the November midterm elections.
Trump has recently blamed large oil companies repeatedly for high gasoline prices. In June, he urged the Department of Justice to investigate why gasoline prices had not fallen and suggested potential price-gouging by corporations. However, Exxon Mobil, Chevron, and representatives of the oil industry have denied these allegations, asserting that the two companies do not hold sufficient market share to dictate gasoline prices.
Trump stated that energy prices would decline once the Iran war ends. He also argued that oil companies should proactively take steps to reduce costs for consumers in the interim.
“When you see a company earning 12 times more than it did the previous year, it should return some of that to the public,” Trump told reporters in the Oval Office. “And they’d better lower retail prices—that is, consumer prices.”
He added that once the conflict with Iran ends, oil prices would “plummet.”
Trump and Chevron CEO Mike Wirth clash publicly, with Wirth emphasizing the role of government policy.
Earlier that day, Trump also criticized Chevron CEO Mike Wirth for failing to sufficiently highlight the Trump administration’s support for fossil fuel policies during an interview with Fox Business News.
In the interview, Wirth stated that part of Chevron’s second-quarter earnings growth stemmed from record U.S. oil production and refinery throughput.
Trump later posted on Truth Social: “What he conveniently forgets to mention is that without the Trump administration’s wise foresight, strength, and stability, the oil industry—and indeed our entire nation—would have collapsed long ago!”
Trump added, “For example, they kicked Mike and Chevron out of Venezuela, but now they’re back—bigger and stronger than before—and expecting to make a huge profit!”
However, Wirth also acknowledged during the interview the Trump administration’s role in expanding energy supply, stating that the administration’s policy actions were “very helpful” and “exactly the right steps to take.”
Wirth also noted that risks to energy supply are growing, with shipping disruptions in the Red Sea and Black Sea posing “very real” threats to oil supply.
Trump’s criticism of Wirth drew attention because the Chevron CEO was previously one of the energy executives whose television interviews Trump frequently watched and whom he had personally contacted.
Analysts say that reopening the Strait of Hormuz is key to lowering oil prices.
Analysts believe that both the Trump administration and the oil industry currently lack effective tools to quickly drive down oil prices.
Since spring, the United States has released large volumes of strategic petroleum reserves, reducing emergency inventories to their lowest level since the early 1980s. Meanwhile, as U.S. crude exports have increased, commercial inventories have also declined.
They pointed out that only by reopening the Strait of Hormuz can global oil supply return to a level sufficient to meet market demand. A spokesperson for the American Petroleum Institute, a trade group representing U.S. oil companies, stated, “Today’s rise in oil prices is driven by global supply and demand dynamics and ongoing uncertainty surrounding the Strait of Hormuz and other critical shipping lanes—not by any single company.”
“He is trying to use the power of the presidential bully pulpit to persuade companies to lower prices. We haven’t seen this approach succeed in the past,” said Glenn Schwartz, Director of Energy Policy at Rapidan Energy Group.
Schwartz noted that Trump appears to have recognized that, with midterm elections approaching, high oil and gasoline prices could exert greater political pressure on the ruling party, particularly the Republican Party.
Trump’s recent criticism of the oil industry continues the approach previously taken by former President Biden.
After the Russia-Ukraine conflict erupted in 2022, international oil prices rose and major oil companies saw increased profits. At the time, Biden repeatedly criticized energy firms for profiting from the crisis and called on Congress to pass legislation imposing penalties on oil and gas companies.
According to The Wall Street Journal, citing people familiar with the matter, the oil industry has already begun preparing for potentially sustained pressure from the White House. Companies such as Exxon Mobil, Chevron, ConocoPhillips, and Occidental Petroleum plan to weather the criticism and wait for external pressure to gradually subside.