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Trump Criticizes Exxon, Chevron Over 'Excessive' Oil Profits

Guavy AI Editorial Team
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CVX
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US President Donald Trump criticized oil majors Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX) for profiting excessively from the Iran war-driven surge in crude prices.

'They're making too much money based on a shortage,' Trump said, according to CNBC.

The comments come as both companies reported blockbuster second-quarter earnings, with Exxon Mobil's quarterly profit more than doubling to $14.5 billion and Chevron posting record quarterly earnings of $12.1 billion, according to The Wall Street Journal.

Trump urged the oil giants to lower gasoline prices for consumers, saying 'they better cut the retail price, the consumer price.'

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