Trump says oil companies should cut gas prices after making "too much money"

President Trump urged U.S. oil companies to lower gas prices on Monday, expressing frustration that they were making "too much money" from the current high oil prices caused by the Iran conflict. Brent crude, the international benchmark, dropped over 4% to around $84 a barrel on Monday, as hopes grew for diplomatic progress to end the war.

However, U.S. gasoline prices remain above $4 a gallon, up from about $3 a gallon before the war. A recent CBS News poll found that about half of Americans are experiencing financial hardship due to high fuel costs, and a majority believe the Trump administration isn't doing enough to reduce consumer prices. Trump predicted oil prices would "drop through the floor" once the conflict ended and specifically criticized Chevron and ExxonMobil for profiting from higher oil prices.

He called on the companies to give back to the public and lower retail and consumer prices. Chevron and ExxonMobil declined to comment, while former President Joe Biden had previously attacked oil companies for their profits during his administration. Trump also personally criticized Chevron CEO Mike Wirth in a recent interview and on social media, accusing him of failing to praise the Trump administration's support for the energy industry.