President Donald Trump on Sunday demanded that ExxonMobil and Chevron immediately lower consumer fuel prices, accusing the companies of profiting excessively from supply shortages linked to the ongoing conflict with Iran.
Trump said on Truth Social that oil producers must cut retail prices now, after also telling reporters at the White House that he disliked how much the firms were earning from current market conditions. He specifically criticised Chevron chief executive Mike Wirth for failing to credit his administration. The attacks follow bumper quarterly earnings: ExxonMobil reported second-quarter net income of $14.5 billion, more than double the prior year, while Chevron posted its best result in at least six years.
US gasoline prices have climbed more than 30 percent since the US-Israel strikes on Iran began February 28, with the national average now around $4.10 per gallon. However, international crude has retreated below $80 a barrel amid signals that a deal with Iran may be imminent. Fewer than 5 percent of US gas stations are owned by major oil companies.