Trump Presses Exxon and Chevron to Cut Prices Amid Record Earnings

ExxonMobil posted $14.5 billion in earnings, more than double its performance from the previous year, while Chevron reported $12.1 billion—nearly five times its year-ago result. The President demanded that both companies pass a portion of these gains to the public through lower retail fuel prices, arguing that the industry is capitalizing on an artificial supply squeeze. This critique marks a sharp shift in tone toward energy firms that have historically benefited from the administration’s focus on domestic production.

Gasoline prices have climbed over 30% since the start of the conflict with Iran, creating significant political pressure ahead of the midterm elections. While the American Petroleum Institute maintains that retail prices are dictated by global market forces rather than individual corporate decisions, the administration remains focused on the Strait of Hormuz. Crude oil prices, which spiked to $109.64 per barrel during the quarter, saw a 5% decline on Monday as the White House signaled a potential diplomatic opening to secure the waterway. Tehran, however, has downplayed direct talks with Washington, citing separate discussions with Oman regarding regional transit routes.