Trump targets oil giants over record profits as US petrol prices remain high

United States President Donald Trump has criticised the country's largest oil companies after Chevron and ExxonMobil reported billions of dollars in quarterly profits, arguing that their earnings are excessive at a time when American consumers continue to face high petrol prices.

Speaking to reporters on Monday, Trump said he was unhappy with the record earnings posted by the energy majors.

"I don't like it. Chevron, too much money. ExxonMobil, too much. Too much money," he said, while linking elevated fuel prices to the ongoing conflict involving Iran, which has kept global crude prices under pressure.

Al Jazeera reported that Trump also took aim at Chevron Chief Executive Mike Wirth after the executive appeared on Fox News, accusing him of failing to acknowledge his administration's support for the oil industry.

In a post on his Truth Social platform, Trump claimed that without his administration's leadership, "the Oil Industry, and our Country itself, would be DEAD".

Chevron last week reported its strongest quarterly earnings in six years, posting adjusted profits of around $12 billion for the second quarter. The company also announced bonus payments for most employees equivalent to half a month's base salary, according to a Reuters report citing an internal company communication. Reuters' report could not be independently verified.

The company's performance was aided by higher global crude prices during the quarter, as tensions in the Middle East disrupted supply routes and pushed Brent crude prices significantly above first-quarter levels.

Industry analysts said Chevron's relatively limited exposure to production in the Middle East helped shield it from operational disruptions while allowing it to benefit from stronger oil prices. More than 70 per cent of the company's production comes from the United States, where profit margins remain robust.

Chevron also benefited from the reopening of oil production opportunities in Venezuela after the US administration eased restrictions following political developments earlier this year.

ExxonMobil also posted strong quarterly results, reporting profits of $9.2 billion, although its earnings fell short of market expectations. Separately, refining company Valero Energy reported record second-quarter net income of $3.7 billion, supported by healthy refining margins amid constrained global supply.

Despite the industry's strong financial performance, motorists across the United States continue to face elevated fuel costs. According to the American Automobile Association (AAA), the national average price of petrol stands at $4.09 per gallon, higher than a month ago and well above levels recorded before the escalation of tensions involving Iran earlier this year.

Higher fuel costs have added to household financial pressures. An earlier Bank of America analysis estimated that American consumers were spending a larger share of their income on petrol than in recent years, with lower-income households bearing a disproportionately heavy burden.

Meanwhile, the US Strategic Petroleum Reserve has fallen to its lowest level since 1983, according to the Department of Energy, further highlighting concerns over energy security.

Trump's criticism has been echoed by some Democratic lawmakers. Senator Sheldon Whitehouse accused oil companies of profiting from what he described as windfall gains generated by elevated prices.

However, industry experts argue that companies are legally bound to prioritise shareholder interests, making voluntary reductions in fuel prices unlikely. Instead, some analysts have suggested that governments could temporarily suspend state fuel taxes to provide immediate relief to consumers.

The debate comes as the cost of living remains a key political issue ahead of the US midterm elections, with inflation and fuel prices continuing to rank among voters' biggest concerns.

Following Trump's remarks, Chevron shares fell more than 2 per cent in midday trading, while ExxonMobil's stock also edged lower.