President Donald Trump has publicly rebuked oil majors Exxon Mobil and Chevron for reaping large profits during the recent conflict with Iran, calling on the companies to lower gasoline prices for American consumers.
“They made too much money,” Trump said of the two energy giants, adding, “I don’t like it.” His remarks came as fuel prices surged in the wake of heightened tensions in the Middle East that disrupted global oil supplies.
The comments underscore mounting pressure on the energy sector, which has posted strong earnings amid elevated crude prices. The president’s frustration reflects broader political concern over the cost burden on households, with gasoline prices remaining a sensitive economic issue.
Oil prices climbed sharply during the Iran conflict, with benchmark crude at one point pushing past $100 per barrel following strikes on shipping in the region. The bumper earnings posted by major oil producers during the period have drawn scrutiny from Washington.
Trump has repeatedly tied energy policy to his broader agenda, previously urging allies to secure their own oil supplies as the conflict drove prices higher. His latest criticism singles out the profitability of domestic producers rather than foreign suppliers.
Exxon Mobil and Chevron rank among the largest publicly traded energy companies in the world, and both have benefited from the price environment created by supply disruptions. Neither company has adjusted retail pricing in direct response to the president’s remarks.
Energy prices have eased somewhat in recent weeks after de-escalation efforts reduced the risk premium built into crude markets. However, retail gasoline prices often lag movements in wholesale crude, leaving consumers exposed to earlier spikes.
The dispute highlights the tension between market-driven pricing and political expectations, as the administration seeks tangible relief for voters ahead of key economic milestones. Whether the companies respond to the pressure remains to be seen, with market forces likely to dictate the near-term trajectory of fuel costs.