Trump Slams Big Oil Profits: 'They're Making Too Much Money Based on a Shortage'
US oil giants ExxonMobil and Chevron reported record-breaking profits in their second-quarter earnings reports, with ExxonMobil raking in $14.5 billion and Chevron earning $12 billion.
The massive profits come as global oil markets continue to be disrupted by the conflict with Iran, which has led to a surge in oil prices. Brent crude traded at just under $82 per barrel on Tuesday.
President Donald Trump took issue with the high profits, stating that 'they're making too much money based on a shortage' and urging the companies to lower prices at the pump.
Trump's criticism reflects growing political pressure as higher gasoline prices become a top concern for voters ahead of the midterms. Energy analysts say that the president is acutely aware of the potential political fallout from high oil and retail gasoline prices.