Trump presses Exxon and Chevron to cut pump prices after profit surge
Why it matters: Higher gasoline costs tied to the Iran war could become a political liability before November's midterm elections.
President Donald Trump publicly targeted ExxonMobil and Chevron on Sunday, arguing the oil majors were making excessive profits from higher fuel prices and should lower prices for drivers. The criticism came days after both companies posted strong second-quarter results as oil markets remained elevated during the war involving Iran. Trump also singled out Chevron's Venezuela business, arguing the company had returned in a stronger position. An American Petroleum Institute spokesperson pushed back, saying pump prices were being driven by global supply and demand and uncertainty around the Strait of Hormuz and other key shipping lanes, not by any single producer.