Trump Slams Exxon and Chevron Over Wartime Oil Price Gains
President Donald Trump has criticized oil giants Exxon and Chevron for making 'too much money' due to high oil prices caused by the Iran war. Speaking in the Oval Office, Trump urged the two Texas-based companies to slash retail fuel prices, accusing them of hiking wartime prices too high.
The Iran war triggered a historic oil shortage that sent petroleum prices soaring, with Brent crude futures rising over 60% from pre-war levels. Exxon and Chevron posted record profits, with Chevron earning $12 billion in three months ending in June, nearly 400% higher than the same period last year. Exxon reported quarterly profits of $14.5 billion, more than doubling its performance from the previous year.
Exxon's chairman and CEO, Darren Woods, acknowledged a favorable pricing environment while touting the company's performance, saying 'Markets were supportive, but our performance reflected the strength of the portfolio and operating model we have built over many years.'