U.S. President Donald Trump has accused major oil companies of making excessive profits from the global energy market disruption caused by the conflict with Iran, calling on them to reduce fuel prices for consumers.
Speaking at the White House on Monday, Trump said companies such as ExxonMobil and Chevron were benefiting from higher oil prices triggered by the U.S.-Israel military campaign against Iran.
“They’re making too much money based on a shortage. I don’t like it,” Trump told reporters.
Brent crude oil was trading at around US$70 per barrel before the conflict began in late February. Prices later surged to as high as US$126 by the end of April and are currently trading at around US$85 per barrel.
Trump singled out ExxonMobil and Chevron after both companies reported record-breaking quarterly earnings.
Chevron posted a record quarterly profit of US$12.2 billion, nearly five times higher than the same period last year, while ExxonMobil reported US$14.5 billion in second-quarter profits, double its earnings from a year earlier and its strongest quarterly result since Russia’s invasion of Ukraine in 2022.
“Chevron: too much money. ExxonMobil: too much money,” Trump said, adding that the companies should “give some of that back to the public” by cutting retail fuel prices.
His remarks came just hours before BP announced that its quarterly profit had doubled to US$5.7 billion.
Responding to Trump’s comments, BP chief executive Meg O’Neill acknowledged the financial pressure on consumers but said fuel prices are determined by global oil markets.
“The reality is, we produce a global commodity, and the product we sell hangs off that global commodity price,” she said.
Environmental groups also criticised the strong earnings reported by oil companies, accusing them of profiting while consumers face rising energy costs.
Trump’s latest comments follow earlier warnings to fuel retailers to lower prices as the United States heads toward November’s midterm elections. He has also directed the U.S. Department of Justice to investigate possible price gouging in the retail fuel market.
In June, Trump publicly urged retailers to cut petrol prices immediately, arguing that falling crude oil prices should have translated into lower costs for motorists.
According to the American Automobile Association (AAA), the average price of gasoline in the United States currently stands at US$4.11 per gallon.
While the Trump administration has repeatedly ruled out restricting oil exports, analysts say the policy could be reconsidered if fuel prices continue to rise.
