U.S. President Donald Trump on Monday sharply criticized ExxonMobil and Chevron for reporting strong profits while gasoline prices remain elevated, demanding that major oil companies lower retail fuel prices for American consumers.
Speaking to reporters in Washington, Trump said the companies were making "too much money" from higher fuel prices and urged them to "give some of that back to the public."
His comments came days after major U.S. energy companies reported strong second-quarter earnings, benefiting from higher crude prices and refining margins during the ongoing war involving Iran.
Trump also targeted Chevron Chief Executive Mike Wirth after the executive appeared on Fox News, accusing him of failing to acknowledge the administration's role in supporting the U.S. oil industry.
In a post on Truth Social, Trump argued that Chevron's current position was made possible by his administration's policies, pointing to the company's operations in Venezuela as an example.
He expanded his criticism beyond Chevron, saying other oil companies should also immediately reduce consumer fuel prices.
Neither ExxonMobil nor Chevron immediately responded to requests for comment.
The American Petroleum Institute said higher fuel prices were being driven by global supply, demand and continued uncertainty around the Strait of Hormuz and other key shipping routes, rather than by any single company.
Trump has made expanding domestic oil and gas production a central part of his energy agenda while simultaneously pressing producers to keep gasoline prices low for consumers.
He told reporters that companies "better cut the retail price, the consumer price," adding that oil prices would "drop through the floor" once the conflict involving Iran ends.
Oil prices fell on Monday after Trump said a deal with Iran was imminent and new negotiations were expected, although Iranian officials said discussions with the United States were not under way and that talks were limited to the management of the Strait of Hormuz with Oman.
Despite the decline in crude prices, gasoline prices have climbed since the conflict began, while analysts note that retail fuel prices typically respond more slowly to movements in global oil markets.
The issue has become increasingly significant as higher living costs remain a political challenge ahead of the November U.S. midterm elections.