President Donald Trump said Monday that ExxonMobil and Chevron are making too much money due to high oil prices linked to the Iran conflict.
The president's comments signal a growing tension between the administration and the energy sector as gasoline costs impact consumers during a period of geopolitical instability.
Speaking from the White House press briefing room, Trump said he was frustrated over the financial gains of the two energy giants while American drivers face higher costs at the pump. He said that the companies are benefiting excessively from the current market conditions caused by the ongoing conflict with Iran.
"Exxon, Chevron are making too much money," Trump said.
The president suggested that these corporations have a responsibility to mitigate the financial burden on the public. He specifically called for a reduction in the cost of fuel for consumers, and a redistribution of the companies' windfall profits.
"They’re going to give some of that back to the public, and they better cut the retail price," Trump said.
Trump said he has a strong personal distaste for the current profit margins of the oil companies. He described the situation as unacceptable given the broader economic pressure on citizens.
"I don't like it," Trump said.
The remarks come as the administration navigates the complexities of the Iran conflict, which has contributed to global oil price volatility. The president's public pressure on these companies marks a direct attempt to influence retail pricing through executive rhetoric rather than legislative or regulatory mandates.
“"Exxon, Chevron are making too much money."”
This move represents a populist approach to energy pricing, shifting the blame for inflation and high fuel costs from geopolitical factors to corporate profit margins. By publicly targeting the two largest U.S. oil companies, the administration is attempting to create public pressure for price relief without implementing formal price controls, which would likely face legal challenges.
