Trump Slams Big Oil Over 'Excessive' Profits as US Gas Prices Soar

US President Donald Trump has publicly rebuked Chevron and ExxonMobil for making excessive profits from high fuel prices. Speaking in the Oval Office, Trump said 'Based on a shortage, they're making too much money.' He added that these companies should lower gasoline prices for American consumers. The White House faces pressure over persistently high gasoline prices ahead of the November midterm elections.

The remarks come as the two oil giants reported bumper quarterly earnings, supported by higher crude oil prices and stronger refining margins. Chevron's adjusted earnings reached $12 billion in the second quarter, beating analyst estimates. ExxonMobil's profits have also been significant, with the company benefiting from elevated margins due to disrupted global energy supplies.

The ongoing conflict involving Iran has pushed up oil prices, allowing major producers and refiners to benefit from higher margins. The White House has relied on measures such as reduced Chinese oil imports and releases from the Strategic Petroleum Reserve to cushion consumers from rising fuel costs. However, analysts warn that these measures offer only temporary relief.