President Donald Trump has publicly criticized American oil giants ExxonMobil and Chevron, claiming they have made “too much money” from the surge in fuel prices during the ongoing energy crisis. He urged that these companies should “give some back to the public,” as reported by Reuters.
“I don’t like it,” Trump expressed to reporters at the White House on Monday. “Chevron, too much money. ExxonMobil, too much. Too much money,” he reiterated.
Both Chevron and Exxon released their earnings reports for the second quarter on Friday, according to CNBC. Chevron’s net income skyrocketed nearly 400%, reaching $12 billion, compared to $2.5 billion from the same period last year. Exxon’s profits more than doubled, hitting $14.5 billion, up from $7.1 billion in the same timeframe of 2025.
Trump’s Critique of Chevron CEO
On the same day, Trump also criticized Chevron’s CEO, Mike Wirth, for his appearance on Fox News, accusing him of failing to acknowledge the support his administration provided to the oil industry.
“The only thing he conveniently forgot to mention is that, without the genius, vision, strength, and stability of the Trump administration, the oil industry and our country would have been dead,” Trump stated in a post on his social media platform, Truth Social.
He further remarked, “For instance, they kicked Mike and Chevron out of Venezuela, but now they have returned, bigger and stronger than ever, expecting to make a fortune!”
Chevron has operated in Venezuela for over a century and remained in the country when former President Hugo Chavez nationalized oil projects in 2007, while ExxonMobil and ConocoPhillips chose to exit Venezuela.
A spokesperson for the American Petroleum Institute, a trade organization representing U.S. oil firms, claimed that “today’s higher prices are driven by global supply, demand, and ongoing uncertainty surrounding the Strait of Hormuz and other critical shipping routes—not by any particular company.”
Call for Lower Retail Gas Prices
Trump has made expanding American energy production a central aspect of his agenda, and the industry generally welcomed his policies. However, he has repeatedly pressed producers to keep fuel prices low.
“They would do well to reduce retail prices, consumer prices,” he told reporters on Monday.
The rising gas prices, fueled by the war in Iran and concerns over living costs, pose a political risk for Trump heading into the midterm elections in November, as his Republican colleagues work to maintain their control over Congress.
Currently, the average retail price of gasoline in the U.S. stands at $4.10, over 30% higher than before Washington and Israel launched attacks on Iran on February 28.
