Trump Pressures Exxon and Chevron to Cut Gas Prices After Profit Surge
President Donald Trump called on ExxonMobil, Chevron and other major oil companies to reduce gasoline prices Monday, arguing that their rising profits should be shared with consumers facing higher costs at the pump.
“They made too much money,” Trump said during remarks in the Oval Office. He said companies benefiting from elevated energy prices should return some of those gains to the public and cut retail fuel prices.
The demand followed strong second-quarter earnings across the energy industry. ExxonMobil and Chevron benefited from higher crude prices and refining margins as the Iran war disrupted shipping and reduced energy flows through the Strait of Hormuz. Reuters reported that the national gasoline average had reached about $4.10 a gallon, more than 30 percent above its level before the conflict.
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The industry offered a competing explanation. The American Petroleum Institute said gasoline costs reflect worldwide supply disruptions and geopolitical risk, pushing back against the suggestion that producers are simply choosing to keep prices high.
Individual oil companies can influence production and refining decisions, but retail prices also depend on crude markets, refinery capacity, transportation, taxes and local competition. That makes Trump’s demand politically direct but economically more complicated than a voluntary price reduction by two companies.
The comments spread quickly through local television and international news accounts on Facebook and video platforms, although verified individual public reaction remains limited.
Trump said he expects gasoline prices to fall when the Iran conflict ends. Markets have already shown sensitivity to possible de-escalation, with crude prices declining after he postponed planned strikes and raised the possibility of negotiations.
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