Trump Criticizes Exxon Mobil and Chevron Over High Gasoline Prices

President Donald Trump criticized Exxon Mobil and Chevron on Monday, stating that the companies are making too much money while Americans face high gasoline prices. Speaking to reporters in the Oval Office, Trump urged the oil giants to give some of those profits back to the public and to lower retail prices. The remarks follow reports of strong quarterly earnings for the companies, which were bolstered by higher crude prices and refinery margins linked to supply disruptions in the Middle East.

Average U.S. retail gasoline prices have hovered near 4.10 dollars per gallon, an increase from less than 3 dollars before the United States and Israel launched attacks against Iran in February. Trump also targeted Chevron CEO Mike Wirth on social media, claiming that the oil industry would be dead without the strength and stability of the Trump administration. He specifically noted that Chevron returned to Venezuela stronger than ever before.

In response, a spokesperson for the American Petroleum Institute stated that higher prices are driven by global supply, demand, and uncertainty around critical shipping lanes such as the Strait of Hormuz, rather than any single company. Chevron declined to comment on the remarks, and Exxon Mobil did not immediately respond. The CEOs of both companies previously warned that a shortage of refining capacity could keep prices high through the fall.

Center leaning coverage emphasizes the political pressure Trump faces to lower prices ahead of the midterm elections and notes that pump prices are generally set by retailers rather than producers. Center right leaning coverage frames the event as a notable break from Trump's usual alliance with the industry and highlights his history of using public pressure to influence corporate behavior.