President Donald Trump criticized ExxonMobil and Chevron after both oil companies reported sharp profit increases during a period of higher crude prices linked to the Iran war.
Trump Calls for Lower Retail Fuel Prices
Trump told reporters at the White House that the two companies earned too much because of supply pressure in the oil market. He said, “They’re making too much money based on a shortage,” adding, “I don’t like it.”
The president also said the companies should lower prices for consumers. “Chevron, too much money. ExxonMobil, too much money,” Trump said. “They’re going to give some of that back to the public and they better cut the retail price, the consumer price.”
His remarks came after oil prices rose during the second quarter. U.S. crude oil recorded an average closing price near $92 from April through June, about 27% higher than the first quarter.
Prices increased as the Iran war disrupted energy markets and raised concerns over the Strait of Hormuz. Iran had threatened tankers and restricted oil flows through the key shipping route.
Exxon and Chevron Report Higher Profits
Chevron reported second-quarter earnings of $12 billion, compared with $2.5 billion in the same period last year. That marked a nearly 400% increase from the prior-year quarter.
ExxonMobil also reported a large profit increase. The company’s earnings more than doubled to $14.5 billion from $7.1 billion a year earlier.
The profit gains reflected higher oil prices during the quarter. Energy companies often record stronger earnings when crude prices rise, especially when production costs do not increase at the same pace.
Trump said the higher profits should not come at the expense of consumers. He added, “They made too much money, too much money,” while urging the companies to reduce retail prices.
Iran Talks Add Focus to Oil Market
Trump also said planned talks with Tehran would be Iran’s “last chance” to reach a deal and avoid a wider escalation of U.S. strikes. He said negotiations could begin within one or two days.
The talks are expected to focus on reopening the Strait of Hormuz and addressing U.S. concerns over Iran’s nuclear program. Any progress could affect oil supply expectations and future crude prices.
The Strait of Hormuz remains one of the world’s most important energy routes. Disruption in that channel can affect oil and natural gas shipments, adding pressure to global fuel prices.
Trump’s comments placed oil company profits, consumer fuel costs, and Iran diplomacy in the same market debate. Investors will now watch whether talks reduce supply fears and whether retail fuel prices respond to any decline in crude prices.
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