President Donald Trump has pressured U.S. oil companies that have profited significantly from the Iran conflict to lower retail gasoline prices.
On August 3, during a press briefing at the White House, Trump mentioned ExxonMobil and Chevron, stating, "They are making too much money. I don't like it." He added, "They should return some of the profits to the people," emphasizing that it would be beneficial to lower the prices consumers pay.
Trump also directly called out Chevron CEO Mike Wirth on Truth Social, urging him to "immediately lower retail gasoline prices."
As international oil prices and refining margins surged due to the Iran conflict, U.S. oil companies reported significant earnings improvements in the second quarter of this year.
Chevron's net income reached $12.1 billion, nearly five times higher than the same period last year. ExxonMobil's net income also more than doubled to $14.5 billion.
While oil companies' profits have soared, American consumers are facing increased gasoline costs. The average price for regular gasoline in the U.S. is about $4.10 per gallon, more than a 30% increase compared to before the U.S. and Israel began their attacks on Iran.
Trump has argued that "once the war is over, international oil prices will plummet," insisting that any decrease in oil prices should be quickly reflected at the pump.
In June, he directed the Department of Justice to investigate oil companies' pricing practices, stating that the decline in international oil prices was not being adequately reflected in gasoline prices.
The oil industry has countered that the rise in gasoline prices is not due to individual companies' pricing decisions but rather stems from global oil supply and uncertainties surrounding the Strait of Hormuz.
* This article has been translated by AI.
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