Trump Targets Oil Companies Over Gas Prices Amid Election Fears
President Donald Trump has lashed out at oil companies, including Chevron and ExxonMobil, for profiting from higher fuel prices during the Iran conflict. In a pair of Truth Social posts on Monday, Trump claimed that these energy giants have benefited from policies implemented by his administration.
The President argued that without the 'genius, foresight, strength, and stability' of the Trump Administration, the oil industry would be 'DEAD!'. He also called on oil companies to lower prices for consumers, saying they should 'give some of that back to the public' and 'cut the retail price'.
Industry experts, however, have painted a different picture. Patrick De Haan, head of petroleum analysis at GasBuddy, said that oil companies have less control over pump prices than many consumers assume.
The relationship between rising profits and higher fuel prices is more complicated than critics suggest, with De Haan explaining that 'oil is the same' as other commodities - when crude gets expensive, producers profit because the commodity is worth more, not because anyone marked up your gallon.'