U.S. President Donald Trump has publicly called on major oil companies to reduce gasoline prices, arguing that consumers should benefit more quickly from recent developments in the oil market.

Speaking after strong quarterly earnings from several energy companies, Trump said producers including ExxonMobil and Chevron were making excessive profits while American motorists continued to pay high prices at the pump. He urged the industry to pass on lower energy costs to consumers rather than retaining the financial gains.

Trump also directed criticism at Chevron CEO Mike Wirth, suggesting the company had benefited from his administration’s energy policies, particularly those related to Venezuela, without acknowledging the government’s role.

The comments mark an unusual moment in the relationship between the White House and the U.S. oil industry. While the Trump administration has consistently supported increased domestic oil and gas production, faster permitting and expanded drilling, the President is simultaneously pressing producers to ensure those policies translate into lower fuel prices for consumers.

The political pressure comes as higher crude prices—driven in part by the conflict involving Iran—have boosted earnings across the refining and upstream sectors. Companies have reported stronger profits thanks to elevated oil prices and healthy refining margins, while U.S. gasoline prices remain above levels seen before the crisis.

Trump argued that if tensions in the Middle East ease and oil markets stabilize, gasoline prices should fall accordingly. With the U.S. midterm elections approaching, fuel costs remain a politically sensitive issue, and the administration appears keen to demonstrate that consumers, rather than only energy producers, benefit from its energy policies.

Personal Remarks

The oil industry should recognize that the current U.S. administration has adopted a pragmatic rather than dogmatic approach to energy policy. Instead of treating the industry as a problem to be phased out, it has emphasized energy security, domestic production, and economic competitiveness. Regardless of individual policy disagreements, it is in the long-term interest of oil companies to maintain a constructive relationship with administrations that support a stable and predictable investment environment for the energy sector.

Source

Trump blasts Exxon, Chevron for making ‘too much money,’ demands lower gasoline prices