United States President Donald Trump has accused major oil companies of making excessive profits from the market disruptions caused by the US-Israeli war on Iran, calling on them to reduce fuel prices and return some of their earnings to American consumers.
Speaking to reporters at the White House, Trump criticised leading energy companies, including ExxonMobil and Chevron, saying they were benefiting from supply concerns triggered by the conflict.
“They’re making too much money based on a shortage. I don’t like it,” Trump said.
Global oil prices surged after the war began, with Brent crude rising from about $70 per barrel before the conflict to as high as $126 by the end of April before later dropping to around $85 per barrel.
The increase in crude oil prices significantly boosted the earnings of major oil companies.
According to reports, ExxonMobil and Chevron posted combined profits of more than $26 billion in the three months ending in June.
Chevron reported a record quarterly profit of $12.2 billion, while ExxonMobil announced $14.5 billion in second-quarter earnings—its strongest quarterly performance since Russia’s invasion of Ukraine in 2022.
Reacting to the figures, Trump insisted that consumers should benefit from the companies’ increased earnings.
“Chevron: too much money. ExxonMobil: too much money. They’re going to give some of that back to the public and they better cut the retail price, the consumer price,” he said.
Trump’s comments came shortly before BP announced that its quarterly profit had doubled to $5.7 billion, also benefiting from volatility in the global energy market.
Responding to the criticism, BP Chief Executive, Meg O’Neill, said fuel prices are largely determined by international oil markets.
“The reality is, we produce a global commodity, and the product we sell hangs off that global commodity price,” O’Neill explained.
Environmental advocacy group 350.org also criticised the profits recorded by major oil companies.
Its campaigns director, Clémence Dubois, argued that energy firms were benefiting from geopolitical crises while consumers struggled with rising costs.
“Chevron and Exxon are profiteering from a model of distraction, leaving ordinary people to pay the price with higher bills,” Dubois said.
Trump’s remarks come as he continues to push for lower energy prices ahead of the November midterm elections.
He previously directed the US Department of Justice to investigate possible price gouging in the retail fuel sector and warned fuel retailers to reduce prices.
“Gasoline Retailers must get their Prices down, IMMEDIATELY. If Retailers don’t do this, big problems lie ahead!” Trump wrote on his Truth Social platform.
The US president also argued that falling global oil prices during his administration’s peace talks with Iran should have resulted in lower petrol prices for consumers.
“Oil prices have come down so much and we are not seeing anything at the pump by comparison the way they should be,” Trump said.
According to data from the AAA motoring group, the average price of gasoline in the United States currently stands at $4.11 per gallon.
While the Trump administration has ruled out restricting oil exports for now, analysts say the issue could be revisited if fuel prices continue to rise.
Source: AFP.
