Trump Slams Exxon, Chevron Over 'Excessive' Profits Amid Ongoing Oil Price Volatility

President Donald Trump expressed his discontent with Exxon and Chevron's record profits in a recent White House press briefing. The two oil giants posted significant gains last week, with Exxon adding $14.5 billion to its quarterly profit.

Citing the current market disruption caused by the conflict in Iran as a reason for their profits, Trump stated that these companies are 'making too much money.' He suggested that they should give some of this back to the public and reduce retail prices accordingly.

The crude oil price has been fluctuating, currently trading at $85 per barrel. This is lower than its peak of $126 in April but higher than the $70 per barrel it was at before the conflict escalated.

Despite Trump's criticism, US oil companies have collectively brought home over $26 billion since oil prices spiked. Trump has been calling for pricing breaks from these companies for several months now, with his latest statement echoing previous concerns about 'gouging' and excessive profits.