Trump Slams Oil Giants Over 'Excessive' Profits Amid Iran Conflict

President Donald Trump expressed his disapproval of ExxonMobil and Chevron's massive profits amid the ongoing US-Iran conflict. 'I don't like' seeing these companies make 'too much money' from high oil prices, he said.

ExxonMobil and Chevron reported significant earnings in their second quarter reports, with Chevron's profits increasing to $12 billion compared to $2.5 billion last year, and Exxon's profits more than doubling to $14.5 billion versus $7.1 billion.

The US oil prices have increased by about 20% since the US and Israel launched strikes on Iran on February 28, with U.S. crude oil futures averaging around $92 per barrel in the second quarter, a 27% increase from the first quarter.

Trump demanded that these companies 'give some of that back to the public' and 'cut the retail price,' as gasoline prices have surged by nearly 40% nationwide since the war started, with an average price of $4.09 per gallon on Tuesday.