Trump Demands Oil Giants Cut Gas Prices Amid Earnings Boost
US President Donald Trump has demanded that ExxonMobil and Chevron lower gas prices after they reported 'blowout' second-quarter earnings due to higher oil prices. Speaking on Monday, Trump said the companies made 'too much money' off the increased fuel costs, claiming 'Chevron, too much money. ExxonMobil, too much.'
The President's comments come three days after the energy giants released their quarterly results, which showed they benefited from higher crude prices and refining margins following the conflict in Iran.
Trump has long pushed for expanded US energy production and lower fuel prices, and he renewed his calls on Monday. He told reporters that oil prices would 'drop through the floor' when the conflict with Iran ends.
The current retail gasoline price average is around $4.10 nationwide, up more than 30% since the US and Israel attacked Iran earlier this year. However, global oil prices plummeted after Trump called off a planned attack on Iran over the weekend.