Trump Slams ExxonMobil and Chevron for 'Too Much' Iran War Profits
US President Donald Trump expressed disapproval of ExxonMobil and Chevron's windfall profits from high oil prices due to the ongoing Iran conflict. The companies reported significant earnings increases for the second quarter, with Chevron's profit soaring nearly 400% to $12 billion compared to last year.
'They're making too much money based on a shortage,' Trump said at the White House. 'I don't like it.' He urged Exxon and Chevron to give some of their profits back to the public and cut retail gasoline prices, which have risen significantly since the conflict began.
US oil futures averaged $92 per barrel from April through June, about 27% higher than in the first quarter. Gasoline prices nationwide averaged around $4.10 per gallon on Monday, nearly 40% higher compared to pre-war levels.