US oil giants are “making too much money”, and Donald Trump is not happy about it.US President Donald Trump on Monday took aim at Exxon Mobil and Chevron, accusing the oil producers of profiting from supply shortages while motorists continue to pay elevated fuel prices. He further urged them to cut retail fuel prices instead of posting record earnings. The remarks came days after both companies reported strong quarterly results, helped by higher crude prices following supply disruptions in the Middle East and improved refining margins. The earnings have drawn renewed attention as the Trump administration faces growing pressure to show it is tackling high petrol prices ahead of the November midterm elections.Speaking to reporters in the Oval Office, Trump said the companies were profiting too much from the current situation.“Based on a shortage, they’re making too much money,” Trump said. “I don’t like it, and I should be the last one to say because I’m a big free enterprise guy — nobody bigger.”He then singled out the country’s two largest oil producers.“Chevron, too much money. Exxon Mobil, too much, too much money,” Trump said. “They ought to give some of that back to the public, and they better cut the retail price, the consumer price.”The average retail price of gasoline in the United States has stayed around $4.10 a gallon over the past week, compared with less than $3 before the United States and Israel launched attacks against Iran in February.
What are US oil makers without Trump’s genius
Trump’s criticism was not limited to the companies’ profits. Earlier in the day, he also took aim at Chevron Chairman and chief executive Mike Wirth after the executive discussed the company’s performance during an interview with Fox Business.Posting on Truth Social, Trump said Wirth had failed to acknowledge what he described as his administration’s role in the industry’s current success.“Mike Wirth, chairman and CEO of Chevron, just gave, in an interview with the fabulous Maria Bartiromo, all of the reasons that his company is doing so well. The only thing he conveniently forgot to mention is that, without the genius, foresight, strength, and stability of the Trump Administration, the Oil Industry, and our Country itself, would be dead!”Trump also referred to Chevron’s business in Venezuela, saying the company was now benefiting after previously being forced out.“They threw Mike and Chevron out of Venezuela, but now they’re back, far bigger and stronger than ever before, expecting to make a fortune!”He concluded the post by demanding that oil producers immediately lower prices charged to consumers.“That goes for other Oil Companies as well…and get your consumer (retail!) Oil Prices down, now!”
Industry says prices reflect global market pressures
Trump’s latest comments follow an order he issued in late June directing the Justice Department to investigate whether major oil companies had failed to lower fuel prices quickly enough after crude oil prices eased. Even so, retail gasoline prices are generally set by the independent retailers who own petrol stations rather than by oil producers.During earnings calls on Friday, executives from both companies cautioned that limited refining capacity could keep petrol prices elevated through the autumn.The American Petroleum Institute also rejected suggestions that individual companies were responsible for higher prices.Andrea Woods, a spokesperson for the industry body, said fuel prices were being shaped by international market conditions.“Driven by global supply, demand and continued uncertainty around the Strait of Hormuz and other critical shipping lanes—not by any one company.”“Our industry shares the goal of delivering affordable, reliable energy for consumers,” she added, as cited by Politico.Meanwhile, global oil markets remained volatile as tensions in the Middle East continued to keep traders on edge. Oil prices edged higher on Tuesday after tumbling in the previous session, with concerns over potential supply disruptions resurfacing amid fading hopes of a diplomatic breakthrough in the US-Iran war. Front-month Brent crude futures rose 62 cents, or 0.7%, to $84.39 a barrel by 0055 GMT, recovering some losses after slumping 7% on Monday to their lowest level in three weeks.
