Trump Slams Exxon and Chevron for 'Too Much' Profits Amid Iran War

President Donald Trump has criticized oil giants Exxon and Chevron for their blockbuster profits in part due to high oil prices caused by the Iran war. The president urged the companies to slash retail fuel prices, accusing them of hiking wartime prices too high.

'They're making too much money,' Trump said during a press conference in the Oval Office on Monday, referring to the two Texas-based companies.

Chevron posted $12 billion in profits over three months ending in June, a staggering 400% increase from the same period a year earlier. Exxon reported quarterly profits of $14.5 billion, more than doubling its performance from the same three months a year earlier.

The Iran war triggered an historic oil shortage that sent petroleum prices soaring and hammered motorists at the pump. Oil prices have largely remained elevated over pre-war levels, currently standing at $79.40 a barrel. The average price of a gallon of gas has jumped nearly 37% since the Iran war began.