Trump Demands Oil Companies Cut Gas Prices Amid Excessive Profits
US President Donald Trump called on oil companies to lower gas prices, saying they have made 'too much money' from high oil prices due to the Iran war. He specifically criticized Chevron and ExxonMobil for profiting from higher oil prices, which have surged as the conflict largely halted crude transiting the Strait of Hormuz.
Trump said that when companies make excessive profits, they should give some back to the public and lower retail gas prices. 'When you look at one company, where they made 12 times what they made the year before, they're going to give some of that back to the public, and they better cut the retail price, the consumer price,' he said.
The president's comments come as Brent crude, the international benchmark, fell over 4% on Monday to about $84 a barrel amid hopes for diplomatic progress in ending the conflict. However, oil prices remain higher than their pre-war levels, and US gasoline prices are above $4 a gallon, up from about $3 a gallon before the war.