Trump Slams Oil Companies Over 'Too Much Money' Amid Iran War-Driven Price Spike

President Donald Trump expressed frustration over high gas prices, stating that oil companies are 'making too much money' due to the ongoing Iran war. The conflict has led to a shortage of crude oil, with the Strait of Hormuz being closed by the Iranian regime. This has resulted in major oil companies such as Chevron and ExxonMobil reporting blockbuster second-quarter earnings.

Chevron's adjusted earnings reached $12 billion, compared to $3.1 billion in the same period last year, while ExxonMobil more than doubled its earnings to $14.7 billion from $7.1 billion. The highest national average retail gas prices recorded were $4.56 per gallon on May 21.

Experts argue that there is a disconnect between crude oil prices and pump prices due to limited refining capacity. Refineries' profits have surged, not only due to the damage to refineries in the Middle East but also due to Russia becoming a fuel importer rather than an exporter after Ukrainian drone strikes.

Trump suggested that oil companies should give some of their profits 'back to the public', but didn't elaborate on how or how much. However, major oil companies own fewer than 5% of gas stations, and there is no direct mechanism for them to control retail prices.