President Donald Trump’s public criticism of ExxonMobil and Chevron over their soaring profits marks an unusual moment in American energy politics. A president who has consistently championed expanded oil production is now urging producers to ease the burden on consumers as gasoline prices climb amid tensions surrounding Iran. The apparent contradiction is less a change in philosophy than a reflection of the political pressures that accompany expensive fuel in the run-up to the midterm elections.

The dilemma confronting the White House is one that has troubled governments across the world. High oil prices reward producers, encourage fresh investment and strengthen the case for domestic energy production. Yet those very prices also leave motorists paying more at the pump and businesses grappling with higher transport costs, which eventually feed into the prices of food, consumer goods and essential services. What is economically desirable for producers can quickly become politically damaging for governments. This explains why administrations often find themselves sending mixed signals.

They want energy companies to invest in new drilling and refining capacity, but they also want visible restraint when consumers begin to associate corporate........

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