US President Donald Trump has renewed pressure on major oil companies to reduce gasoline prices for American consumers, accusing energy firms of earning excessive profits while households face higher fuel costs. Trump specifically criticised Chevron CEO Mike Wirth following Wirth’s appearance on Fox News’ Sunday Morning Futures with Maria Bartiromo, claiming the executive failed to acknowledge his administration’s role in supporting the oil industry.
In a post on his Truth Social platform, Trump said the oil sector and the country would have suffered without what he described as his administration’s “genius, foresight, strength, and stability”.
“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.
He also pointed to Chevron’s return to Venezuela, saying the company had previously been forced out but was now operating there again and expected to benefit financially.
“That goes for other Oil Companies as well … and get your consumer (retail!) Oil Prices DOWN, NOW!” Trump added.
Chevron did not immediately comment on Trump’s remarks.
Trump criticises oil profits
Trump later broadened his criticism to include other major energy companies, including Exxon Mobil, arguing that oil producers were making too much money while fuel prices remained a concern for consumers.
“I don’t like it,” Trump told reporters when asked about oil companies’ profits.
The comments come amid renewed volatility in global energy markets following tensions with Iran, which have contributed to uncertainty over oil supplies and prices.
Gas prices become political issue
Rising fuel costs have become a major political concern for the Trump administration ahead of the November midterm elections, with Republicans seeking to maintain control of Congress.
Although global oil prices declined after Trump cancelled a planned major military strike on Iran, retail gasoline prices do not always immediately reflect changes in crude markets.
Recent earnings reports from major US energy companies showed strong financial performance amid higher oil prices and refining margins linked to geopolitical instability.
Chevron, ExxonMobil, Valero Energy and Marathon Petroleum all reported significant gains, with Valero recording its strongest quarterly profit since the 2022 energy crisis triggered by Russia’s invasion of Ukraine.
Chevron also posted its highest quarterly earnings in several years, highlighting the strong performance of the US energy sector despite political pressure over fuel prices.