Trump Pressures Big Oil to Cut Fuel Prices Amid Record Profits
US President Donald Trump has called on Exxon Mobil and Chevron to cut retail fuel prices following their record-breaking profits. The two oil giants reported a combined $26.6 billion in earnings for the second quarter, more than double what they earned during the same period last year.
The majority of these profits came from upstream production, accounting for 61% of total earnings. Trump argues that both companies have made 'too much money' during the Iran conflict and should pass some of these savings on to consumers in the form of lower pump prices.
However, industry experts say that fuel prices are determined by global supply and demand, as well as shipping lane disruptions, rather than any one company's actions. The American Petroleum Institute challenged Trump's assertion, stating that 'these dynamics were not driven by any one company.'