Trump Slams ExxonMobil, Chevron for 'Excessive Profits' Amid Global Energy Disruptions
President Donald Trump has criticized ExxonMobil and Chevron for their record profits amid global energy disruptions. The two companies more than doubled their second-quarter net income, with ExxonMobil's earnings increasing by 111% and Chevron's by 129%. In a White House press conference on August 3, Trump urged the oil giants to 'give some of that back to the public' by cutting retail gasoline prices.
Regular gasoline now averages over $4 per gallon in the US, with Americans already grappling with high housing, food, and consumer goods costs. The president has ordered the Justice Department to investigate possible price gouging by big oil companies, suggesting they could be taking advantage of consumers during a time of war in Iran.
Trump's comments come as he faces intense political pressure over the economic fallout from his decision to launch military action against Iran in February alongside Israel. The president has been criticized for his handling of the economy and the war, with voters giving him increasingly poor marks ahead of the November midterm elections.