Trump Slams Big Oil Profits Amid Iran War
President Donald Trump expressed his disapproval of ExxonMobil and Chevron's profits amid high oil prices, resulting from the US war with Iran. 'I don't like' these companies making too much money based on a shortage, Trump said.
In their second quarter earnings reports, Chevron saw its profits increase to $12 billion compared to $2.5 billion in the same period last year, while Exxon's profits more than doubled to $14.5 billion from $7.1 billion.
US crude oil prices have increased by about 20% since the US and Israel launched strikes on Iran on February 28, with an average closing price of around $92 per barrel in the second quarter, a 27% increase from the first quarter.
Following Trump's comments, Chevron's shares were down nearly 2%, while Exxon traded slightly lower. The companies' stocks were already under pressure as crude prices dropped about 5% on hopes that US-Iran talks might prevent further escalation.