Trump Slams Big Oil Profits as Gas Prices Remain High
US President Donald Trump publicly criticized oil majors Chevron and ExxonMobil on Monday, accusing them of profiteering from high fuel prices. In a rare rebuke, Trump said that despite his administration's pro-production policies, these companies are making 'too much money'.
The remarks come as the White House faces pressure over persistently high gasoline prices ahead of the November midterm elections. Chevron reported its highest quarterly profit in at least six years, with adjusted earnings of $12 billion beating analyst estimates. ExxonMobil also saw strong profits due to higher crude oil prices and refining margins.
The average US retail gasoline price has remained around $4.10 per gallon over the past week, compared to under $3 before the US and Israel's attacks on Iran in February. Trump's comments suggest that his administration is struggling to control prices, with limited tools remaining to cushion consumers from rising fuel costs.