Trump's Gas Price Gambit Sparks Backlash from Powerful Oil Lobby
US President Donald Trump has been criticizing oil companies for making 'too much money' due to the ongoing war with Iran, but his efforts may be met with resistance from Big Oil.
The conflict in the Middle East has disrupted energy supplies and sent oil prices soaring, resulting in exceptionally strong second-quarter profits for major oil companies. Eight global oil majors amassed profits of US$93 billion in just three months, according to the Guardian.
Saudi Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron, and ExxonMobil reported combined profits that were almost double the nearly US$50 billion recorded during the same period last year. ExxonMobil doubled its profit to US$14.5 billion, while Chevron reported US$12.2 billion.
The blockage in the Strait of Hormuz, a key oil route, forced Saudi Aramco to reroute shipments but still registered a 44 per cent jump in net profit to US$32.69 billion.