Trump Says Exxon, Chevron Are 'Making Too Much Money'

Summary

President Trump denounces the record profits of ExxonMobil and Chevron as excessive, stating that they made 'too much money' and demanding that the companies cut retail fuel prices to return some of that money to the public. The remarks, captured at the White House, introduce potential political headwinds for the oil majors.

• President Trump calls Exxon and Chevron profits 'too much money' and says he is 'not happy about it'.
• He argues that these profits came 'on the backs' of consumers and that companies should give some back by cutting retail prices.
• Trump predicts that when 'finished with the rain' (likely a reference to policy actions), fuel prices will 'drop through the floor'.
• He expresses his view despite saying he is a 'big free enterprise guy'.
• The comments raise the prospect of political or regulatory pressure on U.S. oil majors' profit margins.