Trump to Exxon and Chevron: "Making Too Much Money... Must Lower Gas Prices"

Amid Soaring Oil Prices,
Big Oil Faces Growing Blame for Public Discontent

U.S. President Donald Trump has publicly pressured ExxonMobil and Chevron, which have recorded the largest profits in their history in the aftermath of the Iran war, to lower gasoline prices. As gasoline prices in the United States have exceeded 4 dollars per gallon, leading to increasing public dissatisfaction with high prices, Trump is demanding that major oil companies share their profits with consumers.

U.S. President Donald Trump. The White House

On the 3rd (local time) at the White House, President Trump told reporters that ExxonMobil and Chevron are "making too much money," and said, "They should return some of their profits to the people and lower retail gasoline prices."

He emphasized, "I support free enterprise more than anyone, but I am not pleased with the current situation. It may be surprising for me to say this, but I'll be clear: I am not satisfied."

Together, ExxonMobil and Chevron posted a combined net profit of 29 billion dollars (approximately 41 trillion won) in the second quarter of this year. On a daily basis, this equates to an average of about 318 million dollars (about 455.1 billion won), which is more than three times higher than the same period last year.

The main reason for these improved earnings is the international oil price surge following the prolonged crisis around the Strait of Hormuz after the United States and Israel attacked Iran in February. Refining margins for gasoline, diesel, and jet fuel have also expanded significantly.

Following President Trump's remarks, Chevron's share price fell by about 2% in the afternoon, alongside a drop in international oil prices, and ExxonMobil's share price declined by 0.6%.

President Trump previously publicly criticized Mike Wirth, CEO of Chevron, for not sufficiently acknowledging his pro-fossil fuel policy in the company’s financial performance improvement.

In an interview with Fox Business, CEO Wirth explained that record-high domestic crude oil production and refinery throughput in the United States had contributed to the improved second quarter results.

In response, President Trump posted on Truth Social, asserting that "what he conveniently did not mention is that without the Trump administration’s foresight, power, and stability, the oil industry and the U.S. itself would have died."

Nevertheless, in the interview, CEO Wirth evaluated that the Trump administration had "very much helped" to expand oil supplies and that "the policy actions taken up to now are in the right direction."

The average price of regular gasoline in the United States currently exceeds 4 dollars per gallon. This is about a 30% increase compared to the time when President Trump took office. As housing, food, and consumer goods prices continue to rise and now gasoline prices increase as well, voter sentiment regarding President Trump’s economic policies and the Iran war is deteriorating.

Recently, President Trump has been blaming major oil companies for the high fuel prices. Back in June, he ordered the Department of Justice to investigate the possibility of price-fixing or profiteering, questioning why gasoline prices do not fall in line with drops in international oil prices. Oil companies and industry associations deny the price gouging allegations, claiming individual firms hold too small a market share to control prices.

President Trump’s move to shift responsibility for high oil prices onto the oil companies is similar to what his predecessor, Joe Biden, did during his administration. After gasoline prices surged in 2022 following Russia’s invasion of Ukraine, former President Biden repeatedly criticized oil companies, even saying that ExxonMobil "made more money than God."

This content was produced with the assistance of AI translation services.