Washington DC - President Donald Trump said Monday that major oil companies are making "too much money" due to high prices stemming from the Iran war, seeking to address a political vulnerability ahead of midterm elections.
"I don't like it... Based on a shortage, they're making too much money," Trump told journalists at the White House.
"They ought to give some of that back to the public, and they better cut the retail price, the consumer price," he added.
The war has seen Iran's retaliatory action target Washington's allies in the Gulf and virtually block the vital Strait of Hormuz, with both moves sending energy prices skyrocketing.
The high prices have become a key political issue for Trump as his Republican Party heads into the elections in November, with Democrats seeking to wrest control of Congress from them.
The average price of a gallon is up more than 37% since Trump abruptly launched the war in February.
ExxonMobil and Chevron released blowout profits on Friday, reflecting a major lift from the war that easily offset negative effects at both companies.
ExxonMobil's second-quarter profits more than doubled to $14.5 billion, while Chevron's came in at $12.1 billion, more than five times the level in the year-ago quarter.
Other major oil companies have also reported massive profits on the back of the war.
Trump, a strong supporter of fossil fuel interests, has lashed out over gas prices, announcing in June that he was directing the Department of Justice to investigate any "gouging" perpetrated by the industry.