Trump Criticizes Big Oil Profits, But His Own War Policy Fuels Price Surge

President Donald Trump is criticizing oil companies Exxon Mobil and Chevron for their massive profits due to the ongoing Iran War. However, as columnist Chris Tomlinson points out in a recent op-ed, Trump himself has significant responsibility for the war's impact on oil prices.

The Iran War has led to a surge in oil prices, with West Texas Intermediate crude averaging $95 per barrel since its start. This is because 20% of the world's supply is currently stuck in the Strait of Hormuz, which Iran controls. Trump has repeatedly claimed that the war is near an end, but so far, his predictions have been inaccurate.

Andrew Lipow, president of Houston-based Lipow Oil Associates, explained that oil companies cannot simply 'give some of that back' to consumers in terms of lower prices. The global petroleum industry is complex, with multiple players and stakeholders involved in setting prices.

Lipow also warned that if Trump ends the Iran War, oil prices could collapse when a surge in supply hits the market in 2027. The Organization of the Petroleum Exporting Countries has lifted export restrictions, and the United Arab Emirates is producing more oil than ever before.