Trump Slams 'Excessive' Oil Company Profits Amid War-Driven Price Surge
US President Donald Trump has accused oil companies of making 'too much money' from the global energy disruption caused by his administration's war with Iran.
Brent crude prices surged to as high as $126 per barrel after the US-Israeli strikes at the end of February, compared to about $70 before the conflict began. Now trading at around $85 a barrel, this has led to record profits for oil giants such as ExxonMobil and Chevron.
ExxonMobil reported its highest-ever quarterly profit of $14.5 billion in the second quarter, more than double what it made during the same period last year. Chevron also broke records with a quarterly profit of $12.2 billion.
Trump told reporters at the White House that he doesn't like oil companies profiting from a shortage, and that they 'should give some of that back to the public.' He added that they should cut retail prices for consumers, who are currently paying an average of $4.11 per gallon for gas.