Trump Slams Exxon and Chevron Over 'Excessive' Oil Profits
US President Donald Trump has criticized ExxonMobil and Chevron for making 'too much money' due to high oil prices caused by the Iran conflict. The companies reported windfall profits for the second quarter, with Chevron's earnings soaring nearly 400% to $12 billion compared to last year's $2.5 billion. Exxon's profits more than doubled to $14.5 billion from $7.1 billion in the same period.
Trump expressed his disapproval of the oil majors' gains, stating 'They're going to give some of that back to the public and they better cut the retail price, the consumer price.' US crude oil prices have risen about 20% since the Iran conflict began, with U.S. oil futures averaging around $92 per barrel from April through June.
The increase in oil prices has led to higher gasoline prices, with drivers paying an average of nearly $4.10 per gallon nationwide on Monday, a 40% jump from pre-conflict levels. Chevron's shares declined by nearly 2%, while Exxon traded slightly lower after Trump's comments.