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United States President Donald Trump said Monday that major oil companies are making "too much money" from high prices driven by the Iran war, seeking to address a political vulnerability ahead of November's midterm elections.
Trump again called on oil companies to lower gasoline prices for American consumers, criticizing Chevron Chief Executive Mike Wirth for not crediting his administration's efforts to help the oil industry.
"I don't like it. They're making too much money, okay? Based on a shortage, they're making too much money," Trump told reporters at the White House.
Higher gasoline prices are a key political issue for Trump as his Republican Party heads into the November elections, with Democrats seeking to wrest control of Congress.
The average price of a gallon of regular gasoline in the United States is up more than 37% since the start of the war, launched by Trump and Washington's ally Israel in late February.
Trump's remarks came after Chevron posted a record quarterly net profit of $12.1 billion Friday, underscoring how major oil companies have benefited from global supply disruptions triggered by the Iran war.
Chevron CEO Mike Wirth cautioned that escalating tensions with Iran and Houthi strikes on Saudi energy infrastructure have heightened the risk of a new disruption to global oil shipments.
"We now see, not only the Strait of Hormuz, but the Red Sea and the Black Sea have risks and uncertainties. So, some of the challenges have expanded, and the risks to supply are very real," Wirth told Fox News on Sunday.
Higher gasoline prices and cost-of-living concerns pose a political risk to Trump's Republican Party ahead of the midterm elections, in which it risks losing its House majority and possibly control of the Senate.
Global oil prices plunged after Trump called off a planned "massive attack" on Iran over the weekend, but prices at the pump do not necessarily follow immediately.
Last week's earnings from Exxon Mobil, Chevron, Valero Energy and Marathon Petroleum highlighted the boost U.S. oil companies received from higher crude prices and refining margins after the Iran conflict.
Valero reported its strongest quarterly profit since the 2022 energy crisis triggered by Russia's invasion of Ukraine, while Chevron posted its highest quarterly earnings in six years, according to Reuters.
U.S. petroleum giants ExxonMobil and Chevron released blowout profits Friday, reflecting a major lift from the Middle East war that offset negative effects at both companies.
ExxonMobil's second-quarter profits more than doubled to $14.5 billion, while Chevron's profits came in at $12.1 billion, more than five times the level in the year-ago quarter.
Other major oil companies have also reported large profits on the back of the war.
The war has seen Iran's retaliatory actions target Washington's allies in the Gulf and virtually block the vital Strait of Hormuz, sending energy prices sharply higher.
Trump, a strong supporter of fossil fuel interests, has lashed out over prices at the pump, announcing in June that he had directed the Department of Justice to investigate any "gouging" by the industry.
On Monday, Trump criticized oil companies over their profits, saying he was "not happy about it."
"They ought to give some of that back to the public, and they better cut the retail price, the consumer price," he said.
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