Trump Slams Oil Giants for 'Excessive Profits' from Iran War
US President Donald Trump has expressed his disapproval of major oil companies profiting excessively from the ongoing Iran war. In an Oval Office press conference, Trump stated that these firms are making 'too much money' due to high prices stemming from the conflict.
The average price of regular gasoline in the US has surged by over 37% since the start of the war, launched by Trump and his ally Israel in late February. This sharp increase has been attributed to Iran's retaliatory actions targeting Washington's allies in the Gulf and blocking the Strait of Hormuz, a vital shipping route.
US petroleum giants ExxonMobil and Chevron have reported massive profits, with ExxonMobil's second-quarter earnings more than doubling to $14.5 billion and Chevron's coming in at $12.1 billion, five times higher than the year-ago quarter.
In response to these high prices, Trump directed the Department of Justice to investigate any 'gouging' perpetrated by the industry. On Monday, he reiterated his stance, saying that oil companies should 'give some of that back to the public' and lower their retail prices for consumers.