Trump Slams Oil Giants for War Profits Amid DOJ Probe
President Trump has expressed frustration over the substantial profits made by Chevron and ExxonMobil during the ongoing Iran conflict. The two oil giants posted a combined $26.5 billion in second-quarter net income, with Chevron earning around $12.1 to $12.2 billion and ExxonMobil delivering $14.5 billion.
This is their strongest showing in years, with Chevron's profits up 384% from last year and ExxonMobil doubling its earnings from the same period. Trump has stated that he doesn't like the fact that oil companies are making too much money based on a shortage created by his own administration.
The shortage refers to the Strait of Hormuz being closed, which has driven Brent crude prices to $138.21 in April and kept them elevated at $84.25 as of July 27. The U.S.-Israel conflict with Iran began on February 28, 2023, and Trump's administration is helping create this shortage.
The Department of Justice (DOJ) launched an investigation into oil companies, including ExxonMobil and Chevron, in June over allegations of price gouging. However, the probe appears to be ongoing, with no concrete actions taken yet.