Trump Slams Oil Giants Over 'Excessive Profits' from Iran War

US President Donald Trump has criticized major oil companies for making 'too much money' due to high gasoline prices stemming from the Iran war. The average price of a gallon of regular gasoline in the United States is up more than 37% since the start of the war, launched by Trump and Washington's ally Israel in late February.

ExxonMobil and Chevron reported massive profits on Friday, with ExxonMobil's second-quarter profits more than doubling to $14.5 billion and Chevron's coming in at $12.1 billion, more than five times the level in the year-ago quarter. Trump said he was 'not happy about' the oil companies' profits and demanded that they give some of it back to the public.

High gasoline prices are a key political issue for Trump as his Republican Party heads into the elections in November, with Democrats seeking to wrest control of Congress from them. The Department of Justice has been directed by Trump to investigate any 'gouging' perpetrated by the industry.