Trump Slams Exxon and Chevron Over Record Profits Amid Global Supply Shortages

U.S. President Donald Trump publicly criticized ExxonMobil and Chevron for their record profits amid global supply shortages, stating that they 'ought to give some of that back to the public' and lower gasoline prices.

The two oil giants reported combined net income of approximately $26.5 billion in the second quarter, with ExxonMobil's earnings more than double last year's at $14.5 billion and Chevron's surging from $2.5 billion to around $12 billion.

However, this windfall is largely due to rising oil prices rather than production growth, and the average U.S. retail gasoline price has risen 40% since the start of the Iran war to about $4.10 per gallon.

The White House's demand for a price cut is complicated by the fact that refining capacity is severely constrained due to global conflicts, making it difficult for companies to lower prices even if crude prices fall.