Trump urges oil majors to lower gasoline prices, cites high profits amid Iran conflict
President Donald Trump told U.S. oil companies to reduce retail fuel prices, saying they have earned excessive profits as oil prices rise due to the war in Iran.
President Donald Trump called on major U.S. oil producers to take steps to lower gasoline prices, arguing that they have earned excessive profits from recent oil price increases linked to the conflict in Iran. During an executive-order signing in the Oval Office, he singled out Chevron and ExxonMobil, saying the companies have made “too much money” and should pass some of that gain on to consumers.
"When you look at one company, where they made 12 times what they made the year before, they're going to give some of that back to the public, and they better cut the retail price, the consumer price," Trump said, adding that he was “not happy about it.”
The remarks came as Brent crude fell more than 4% to about $84 a barrel, though prices remain well above pre-war levels and U.S. gasoline averages stay above $4 per gallon. A recent CBS News poll indicated that roughly half of Americans say higher fuel costs are causing financial strain, and eight in ten believe the administration is not doing enough to curb prices.
Trump also criticized Chevron CEO Mike Wirth in a Fox News interview and on social media, accusing the executive of failing to acknowledge the administration’s role in supporting the energy sector. ExxonMobil declined to comment, and Chevron did not immediately respond to requests for comment.
Energy analysts note that while crude oil accounts for about 51% of the cost of a gallon of gasoline, other factors such as refining, marketing, distribution and retailer margins also influence retail prices.