Trump urges Chevron and ExxonMobil to cut gasoline prices after profit surge

President Donald Trump pressed ExxonMobil and Chevron to lower fuel prices after the two oil majors posted roughly $26.5 billion in combined second-quarter earnings during a period of war-driven supply disruption and higher crude prices. Trump told reporters at the White House on Monday that the companies were making "too much money" from a shortage linked to the Iran war and should "give some of that back to the public." The rebuke was notable because both companies have generally benefited from his support for expanded U.S. oil and gas production, and Trump also criticized Chevron CEO Mike Wirth over how he viewed the administration's support for the company's operations in Venezuela. ExxonMobil reported earnings of $14.5 billion, or $3.48 a share, up from $7.1 billion a year earlier, while Chevron earned $12.1 billion, up from about $2.5 billion. Exxon said adjusted earnings were $14.7 billion, operating cash flow was $23.6 billion, and shareholder returns totaled $9.4 billion through dividends and share buybacks. Chevron also reported record U.S. production and a 20% increase in worldwide output. Higher crude prices and wider refining margins helped lift results, with West Texas Intermediate climbing as high as $109.64 a barrel during the quarter. U.S. gasoline prices have risen more than 30% since the United States and Israel began strikes against Iran, keeping attention on the Strait of Hormuz and broader supply risks. Oil later fell after Trump said he had called off another planned strike and that talks could reopen the strait, though Tehran disputed that direct negotiations with Washington were underway.