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Trump Slams Oil Giants as Petrol Prices Soar and Profits Skyrocket

Guavy AI Editorial Team
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US President Donald Trump has criticized oil giants Chevron and ExxonMobil for their record-breaking profits, while consumers struggle to cope with soaring petrol prices. The average price of a gallon of petrol in the US is now above $4.

Chevron reported its highest quarterly earnings in six years, with adjusted earnings per share coming in at $6.06 or $12bn. The company's CEO Mike Wirth praised Chevron employees for their hard work and said most workers would receive a bonus equivalent to half their monthly base pay.

ExxonMobil also posted its best quarterly profits in four years, but they fell short of analysts' expectations. Earnings raked in $9.2bn.

Chevron's strong earnings are attributed to the company being less reliant on Middle Eastern production operations than its competitors, allowing it to reap the benefits of higher global oil prices during the quarter.

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