President Donald Trump publicly criticized ExxonMobil and Chevron. He stated the companies were "making too much money" from high fuel prices. Trump urged them to lower costs for consumers.
The comments came on August 3rd. They followed the energy giants' second-quarter profit reports.
Exxon's earnings doubled to $14.5 billion. Chevron's earnings reached a record $12.1 billion.
This intervention highlights political scrutiny on the oil industry. Consumer concerns persist over high gasoline prices. These prices average over $4 per gallon.
No specific policy actions were announced. The remarks create political risk for ExxonMobil.
The American Petroleum Institute responded that global supply and demand drive prices, not individual companies.