Trump Slams Big Oil Over 'Too Much' Profits Amid Soaring Gas Prices
US President Donald Trump has accused Exxon Mobil and Chevron of profiting too much from supply shortages, urging them to cut retail fuel prices instead of posting record earnings. The remarks came after both companies reported strong quarterly results, helped by higher crude prices following supply disruptions in the Middle East and improved refining margins.
The average retail price of gasoline in the United States has stayed around $4.10 a gallon over the past week, compared with less than $3 before the US and Israel launched attacks against Iran in February.
Trump singled out the country's two largest oil producers, saying 'Chevron, too much money. Exxon Mobil, too much, too much money.'
The American Petroleum Institute rejected suggestions that individual companies were responsible for higher prices, stating that fuel prices are being shaped by international market conditions and global supply.