Trump Slams Oil Giants as Chevron and ExxonMobil Reap Record Profits Amid Soaring Prices

US President Donald Trump has criticized Chevron and ExxonMobil for their record earnings as oil prices soar, straining household budgets. The two companies reported strong profits in the second quarter, with Chevron's adjusted earnings per share reaching $6.06 or $12bn. ExxonMobil posted its best quarterly profits in four years, but fell short of analysts' expectations.

The high oil prices are largely due to tensions between the US and Iran, which have strained global supply chains. Brent crude, the global benchmark for oil prices, was 23 percent higher than in the first three months of the year. Chevron's strong earnings come as it is less reliant on Middle Eastern production operations, allowing it to reap the benefits of higher global oil prices.

Trump expressed his disapproval of the oil industry's profits, saying 'I don't like it' and that 'Chevron, too much money. ExxonMobil, too much. Too much money.' He also took issue with Chevron CEO Mike Wirth for not crediting his administration's efforts to help the oil industry.

The high prices have had a significant impact on consumers, with petrol costs averaging $4.09 per gallon across the US. The average price was $2.98 when the US and Israel first struck Iran in late February. Lower-income earners are hit particularly hard, with more than 10 percent of households spending over 10 percent of their monthly income on petrol.