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US President Donald Trump speaks in the Oval Office at the White House on Monday. [UPI]
US President Donald Trump speaks in the Oval Office at the White House on Monday. [UPI]

US President Donald Trump on Monday renewed his pressure on American oil companies to lower gasoline prices, targeting firms that have reaped large profits as global crude prices surged in the wake of the war with Iran.

Speaking to reporters at the White House, Trump said the companies were "making too much money" amid supply shortages, adding that he did not like it.

While acknowledging that he generally respects corporate autonomy, Trump repeated his criticism: "They are making too much money."

He singled out major oil companies including Chevron and ExxonMobil, saying one company had posted profits 12 times higher than the previous year.

Chevron's net profit for the second quarter of this year came in at $12.2 billion, roughly five times the figure from the same period a year earlier. ExxonMobil announced that its net profit over the same period reached $14.5 billion, double the prior-year figure.

Trump said the companies "should give some of those profits back to the people," adding that it would be better to cut retail, or consumer, prices.

Trump also took to his Truth Social account that day to call out Chevron CEO Mike Wirth by name, urging him to "lower consumer (retail) prices right now."

"Mike and Chevron got thrown out of Venezuela and came back bigger and stronger than ever," Trump wrote, adding that the company was "expected to make a fortune."

The remark referred to Chevron's ability to resume operations in Venezuela after the Trump administration ousted former President Nicolas Maduro, having previously withdrawn from the country following the rise of a socialist government.

Trump has repeatedly insisted that global oil prices will drop sharply as soon as the war ends, while also arguing that retail gasoline prices must fall to prevent high energy costs from adding to consumers' cost-of-living burden.

On June 24, Trump directed the Justice Department to investigate the issue after complaining that falling global crude prices were not being quickly passed on to American consumers at the pump.

On June 29, he again criticized the situation, saying, "Gas stations should lower prices immediately. Gasoline prices are too high given that crude oil is at $68 a barrel and falling."


mokiya@heraldcorp.com