Trump specifically called out the two biggest U.S. oil producers by name after both reported strong earnings on Friday.
“Chevron, too much money. Exxon Mobil, too much, too much money,” Trump said. “They ought to give some of that back to the public, and they better cut the retail price, the consumer price.”
The average U.S. retail gasoline price has hovered near $4.10 a gallon for the past week, up from less than $3 before the United States and Israel launched their attacks against Iran in February.
In late June, Trump ordered the Justice Department to investigate big oil companies for not bringing gasoline prices down fast enough as crude oil prices weakened. Pump prices are generally set by the retailers, often sole proprietors, who own gas stations, rather than major oil producers.
Chevron declined to comment on Trump’s remarks, and Exxon did not immediately respond to a request for comment. The two companies’ chief executives warned in earnings calls Friday that a shortage of refining capacity could keep gasoline prices high through the fall.
Andrea Woods, a spokesperson for the American Petroleum Institute, which represents major oil producers, said in a statement that higher prices are “driven by global supply, demand and continued uncertainty around the Strait of Hormuz and other critical shipping lanes—not by any one company.”
“Our industry shares the goal of delivering affordable, reliable energy for consumers,” she said.
Trump also criticized Chevron CEO Mike Wirth in a social media post Monday morning for failing to credit the administration’s policies for the company’s record quarter.
“The only thing he conveniently forgot to mention is that, without the genius, foresight, strength, and stability, of the TRUMP Administration, the Oil Industry, and our Country itself, would be DEAD!” Trump wrote, adding that all oil companies must “get your consumer (retail!) Oil Prices DOWN, NOW!”
