Trump Slams ExxonMobil and Chevron for 'Too Much Money' Amid US-Iran Conflict

President Donald Trump expressed disapproval of ExxonMobil and Chevron's profits from high oil prices, which have risen due to the ongoing US-Iran conflict. 'I don't like' it when these companies make too much money based on a shortage, he said.

The comments came after the two energy giants reported significant earnings for their second quarter. Chevron's profits increased to $12 billion compared to $2.5 billion in the same period last year, while ExxonMobil's profits more than doubled to $14.5 billion from $7.1 billion during the same time.

Trump called on these companies to give some of their profits back to the public and reduce retail prices for consumers. Since the US and Israel launched strikes on Iran on February 28, U.S. crude oil prices have increased by about 20%. This has led to a significant rise in gasoline prices nationwide, with an average price of $4.09 per gallon as of Tuesday.

The President's comments had an immediate impact on the companies' stocks, with Chevron's shares down nearly 2% and ExxonMobil trading slightly lower after Trump's remarks. The shares were already under pressure due to a drop in crude prices on hopes that US-Iran talks might prevent further escalation.