Trump Slams Exxon, Chevron Over 'Too Much Money' Profits
US President Donald Trump has called out Exxon Mobil and Chevron for their 'too much money' profits, urging them to lower gas prices. The two oil giants reported combined quarterly profits of approximately $26.5 billion, more than double their profit from the same period a year earlier.
The president made his comments at the White House, stating that both companies were benefiting from supply shortages while Americans continued paying higher prices at gasoline stations.
Exxon Mobil reported second-quarter earnings of $14.5 billion, while Chevron posted $12.1 billion in earnings. Both companies benefited from higher crude prices and stronger refining margins during the quarter.
The American Petroleum Institute pushed back against claims that individual oil producers are responsible for elevated gasoline prices, stating that fuel prices reflect global supply and demand conditions.