XOM, CVX Stocks In Focus: Trump Criticizes Exxon And Chevron For Profiting From Iran-Driven Oil Price Surge — ‘They’re Making Too Much Money’

Donald Trump said Exxon Mobil and Chevron earned excessive profits as oil prices surged during the Iran war.

• The president called on both companies to lower gasoline prices for consumers despite describing himself as a strong supporter of free enterprise.
• Trump also criticized Chevron CEO Mike Wirth, saying he failed to acknowledge the administration’s support for the U.S. oil industry.
• Stocktwits retail sentiment on Chevron turned bullish, while Brent and WTI crude prices fell sharply during Monday’s session.

President Donald Trump criticized Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX) on Monday, saying the oil giants made “too much money” as crude prices surged during the Iran war. He urged them to lower gasoline prices for consumers.

Shares of Chevron were down 2.3% in afternoon trading, while Exxon Mobil was trading 0.8% lower.

Trump Asks XOM, CVX To Cut Gas Prices

Speaking to reporters at the White House, Trump said, “They’re making too much money based on a shortage. I don't like it,” according to CNBC.

According to TheFly, Trump added, “I should be the last one to say because I’m a big free enterprise guy, nobody bigger. You surprised I’m saying it? I’ll say it loud and clear. I’m not happy about it.”

Trump also said, “Chevron, too much money. ExxonMobil, too much money. They’re going to give some of that back to the public and they better cut the retail price, the consumer price,” CNBC reported.

The remarks come as higher gasoline prices, driven by the Iran war, and broader cost-of-living concerns pose a political risk ahead of November’s midterm elections, when Republicans are seeking to retain control of Congress.

Trump Criticizes Chevron CEO Mike Wirth

Trump also criticized Chevron Chief Executive Mike Wirth for not highlighting his administration’s pro-fossil fuel policies during an interview with Fox Business Network.

Trump wrote in a post on Truth Social, “The only thing he conveniently forgot to mention ⁠is that, without the genius, foresight, strength, and stability, of the TRUMP Administration, the Oil Industry, and our Country itself, would be DEAD!"

On the Fox Business interview, Wirth said Chevron was producing record amounts of oil in the U.S. and refining record volumes of crude. Trump also told oil companies to “get your consumer (retail!) Oil Prices DOWN, NOW!”

Oil Majors Report Windfall Profits

Trump’s criticism comes days after Exxon Mobil and Chevron reported blockbuster second-quarter earnings as the Iran war pushed energy prices higher.

Exxon Mobil’s quarterly profit more than doubled from a year earlier to $14.5 billion, its highest level since 2022, while Chevron posted record quarterly earnings of $12.1 billion, according to The Wall Street Journal.

XOM, CVX Stock: What Stocktwits Retail Sentiment Says

On Stocktwits, retail sentiment for CVX improved to ‘bullish’ from ‘neutral’ over the past 24 hours, while message volume remained ‘high.’ Sentiment for XOM remained ‘neutral,’ with message volume being ‘normal.’

At the time of writing, Brent crude futures (CO1) were down 4.3% at $83.79 per barrel, while U.S. West Texas Intermediate crude (CL1) fell around 5% to $80.42 per barrel, according to Koyfin.

CVX shares have gained nearly 28% year to date, while XOM stock is up around 29% over the same period.

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