Trump Takes Aim at Big Oil Profits

President Trump criticized Chevron and ExxonMobil for their high profits, calling them 'too much money' during an executive-order signing in the Oval Office. The comments come after both companies reported strong second-quarter numbers, with Chevron's adjusted earnings reaching $12 billion and ExxonMobil posting GAAP earnings of $14.5 billion.

The president specifically targeted the sharp increase in profits, saying 'When you look at one company where they made 12 times what they made the year before, they ought to give some of that back to the public.' However, the actual numbers show Chevron's profit rose by roughly 380%, or five times the previous year, while ExxonMobil's increased by around 105%.

The conflict in Iran has significantly contributed to the rise in oil prices, with Brent crude falling over 4% on the same day as Trump's comments. The president has a history of criticizing the oil industry, and his remarks have sparked debate about who is responsible for high pump prices.