Trump Slams Big Oil Profits: 'They Ought to Give Some Back to the Public'

The US oil industry has had a record-breaking quarter, with Chevron reporting its best quarterly earnings result ever and Exxon announcing its largest profit in four years. The high profits are largely due to the Iran war and the closure of the Strait of Hormuz, which sent oil prices soaring around the world. While this was expected by analysts, it's still not a good look for an industry that has been criticized for its role in contributing to climate change. Progressive policymakers have long called for a windfall profits tax, a one-time levy on large and unexpected profits arising from external circumstances.

However, President Trump has taken a surprising stance on the issue. Speaking to reporters from the Oval Office, he said that oil companies are 'making too much money' from the Strait of Hormuz closure and should give some of it back to the public. He specifically mentioned Chevron and ExxonMobil, saying they 'ought to cut the retail price, the consumer price.'

Trump's comments are notable because of his typically favorable view of the oil industry. His decision to go to war with Iran was widely criticized for its potential impact on oil prices, which has indeed increased as a result of the conflict.