Trump slams Exxon Mobil, Chevron for 'making too much money'; asks to give it back
US President Donald Trump has publicly criticized Exxon Mobil and Chevron for high profits amid elevated fuel prices. He urged the companies to lower retail prices for consumers, despite his stated support for free enterprise.
Why it matters
The comments reflect the administration's pressure to manage inflation and fuel costs ahead of midterm elections.
US oil giants are "making too much money", and Donald Trump is not happy about it.US President Donald Trump on Monday took aim at Exxon Mobil and Chevron, accusing the oil producers of profiting from supply shortages while motorists continue to pay elevated fuel prices. He further urged them to cut retail fuel prices instead of posting record earnings. The remarks came days after both companies reported strong quarterly results, helped by higher crude prices following supply disruptions in the Middle East and improved refining margins. The earnings have drawn renewed attention as the Trump administration faces growing pressure to show it is tackling high petrol prices ahead of the November midterm elections.Speaking to reporters in the Oval Office, Trump said the companies were profiting too much from the current situation.“Based on a shortage, they’re making too much money,” Trump said.
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