Trump presses oil companies to cut gasoline prices

President Trump urged major oil companies to lower gasoline prices Monday, accusing them of making “too much money” from the surge in crude prices tied to the war with Iran and warning that he was unhappy with what consumers are paying at the pump.

Speaking at the White House during an executive order signing, Trump singled out Chevron and ExxonMobil after both companies reported large quarterly profits. “But they made too much money, too much money. Chevron, too much money. Exxon Mobil, too much. Too much money,” he said.

The president said oil companies should pass some of their gains back 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. “I’ll say it loud and clear: I’m not happy about it.”

Brent crude, the international benchmark, fell more than 4% Monday to about $84 a barrel amid hopes for diplomatic progress toward ending the conflict, CBS News reported. The Guardian reported that Brent had traded at about $70 a barrel before the first U.S.-Israeli strikes at the end of February, climbed as high as $126 by the end of April and is now trading at about $85.

Gasoline prices remain elevated. U.S. gasoline currently averages $4.11 a gallon, according to AAA data cited by The Guardian, up from about $3 a gallon before the war, CBS News reported. Trump predicted Monday that oil prices would “drop through the floor” when the Iran conflict ends.

The president’s comments followed a series of strong earnings reports from major oil companies. The Guardian reported that ExxonMobil and Chevron together made more than $26 billion in profits for the three months ending in June. Chevron reported a record quarterly profit of $12.2 billion, a fivefold increase from the same period last year, while ExxonMobil reported $14.5 billion in second-quarter profit, double its year-earlier result and its highest quarterly profit since Russia’s 2022 invasion of Ukraine.

“They’re making too much money based on a shortage,” Trump told reporters, according to The Guardian. “I don’t like it.”

ExxonMobil declined to comment to CBS News. Chevron did not immediately respond to a request for comment. BP Chief Executive Meg O’Neill, asked about Trump’s remarks after BP reported quarterly profits had doubled to $5.7 billion, told CNBC she understood the pressure on households. “The reality is, we produce a global commodity, and the product we sell hangs off that global commodity price,” she said.

Trump also criticized Chevron CEO Mike Wirth in a Fox News interview with Maria Bartiromo and said in a social media post that Wirth had failed to praise his administration for helping the energy industry. “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.

CBS News reported that oil companies do not set U.S. fuel prices. According to the Energy Information Administration, crude oil accounts for 51% of the cost of a gallon of gasoline, the largest share. Refining accounts for 20%, while marketing and distribution make up 11%.

Trump has also pressed gasoline retailers to lower prices. In late June, he wrote on Truth Social: “Gasoline Retailers must get their Prices down, IMMEDIATELY. If Retailers don’t do this, big problems lie ahead!” The Guardian reported that he also ordered the Justice Department to investigate potential price gouging in the retail energy sector.

A recent CBS News poll found that about half of Americans said elevated fuel costs are causing them financial difficulties, and about eight in 10 said the Trump administration is not focusing enough on lowering consumer prices.