Trump Puts Exxon, Chevron on Blast Over Massive Profits

President Trump is publicly turning on two of his staunchest industry allies. On Monday, he slammed Exxon Mobil and Chevron for "making too much money" as drivers face gasoline prices averaging about $4.10 a gallon, up from under $3 before US and Israeli strikes on Iran earlier this year, reports Politico. "They're going to give some of that back to the public," he said, per CNBC, "and they better cut the retail price, the consumer price."

"Based on a shortage, they're making too much money," Trump said Monday. "I don't like it, and I should be the last one to say because I'm a big free enterprise guy—nobody bigger." Both oil giants just posted massive quarterly results, helped by higher crude prices and fat refining margins. Their CEOs warned that limited refining capacity could keep fuel costs elevated into the fall. Chevron declined to comment, while Exxon didn't respond to a request for comment. The American Petroleum Institute said prices reflect global supply, demand, and geopolitical tensions, not "any one company." Trump has already ordered a DOJ probe into why prices aren't falling faster.