Trump Slams ExxonMobil and Chevron for 'Too Much Money' During Iran War Oil Spike
President Donald Trump criticized ExxonMobil and Chevron for their sharp profit increases during a period of higher crude prices linked to the Iran war. He stated that both companies earned too much due to supply pressure in the oil market, saying 'They're making too much money based on a shortage.'
The average closing price of U.S. crude oil rose by 27% from April through June, reaching $92. ExxonMobil reported earnings of $14.5 billion, more than double its profit from the same period last year, while Chevron's earnings surged to $12 billion.
Trump urged both companies to lower retail fuel prices, stating 'They're going to give some of that back to the public and they better cut the retail price, the consumer price.' The president also mentioned planned talks with Tehran, which he described as Iran's 'last chance' to reach a deal and avoid further escalation.