I've explained this over and over again until I'm blue in the face.
All politicians--regardless of Party--blame Big Oil when something they do causes prices to rise. Oil is a global commodity. If Administrations hadn't invoked policies that made it difficult to build/revamp refineries to process our own product, we wouldn't be quite so dependent on foreign supply. Trump is taking the easy way out. Just like all the rest. Blame someone else for your own screw-ups.
Project reinvestments are typically done on a 10 year payout. The 10 year average profit margin for XOM & CVX is right at 6%. Hardly a profit large enough to make major investments in new technology. They don't set the price of oil, nor the price at the majority of the pumps.
I guess everyone's a free market capitalist--until they're not. No wonder socialism and communism are gaining traction. Now, we're deciding how much profit is too much. Sounds suspiciously like the Democratic Socialists like AOC, Mamdani, & the Bernie Bro's to me.