Trump Slams Oil Giants Over 'Excessive' Profits Amid Iran War
US President Donald Trump has accused major oil companies of profiteering from the market disruptions caused by the US-Israeli war on Iran, saying they are making 'too much money' based on a shortage. He demanded that they reduce fuel prices and return part of their increased earnings to consumers.
The surge in global oil prices following the outbreak of the war has contributed to significant earnings growth for major energy companies, with ExxonMobil and Chevron recording combined profits of more than $26 billion in the three months ending in June. Chevron posted a record quarterly profit of $12.2 billion, while ExxonMobil reported second-quarter earnings of $14.5 billion.
Trump's comments came amid his renewed push for lower energy prices as he campaigns ahead of the November midterm elections. He had earlier directed the US Department of Justice to investigate possible price gouging in the retail energy sector and warned fuel retailers to reduce prices.