Trump Takes Aim at Exxon and Chevron Over 'Excessive' Gas Profits
US President Trump has publicly criticized Exxon Mobil and Chevron for making excessive profits from high gasoline prices, which have averaged $4.10 a gallon since US and Israeli strikes on Iran earlier this year. He stated that 'they're going to give some of that back to the public' and called on them to cut the retail price. The oil giants had just posted massive quarterly results due to higher crude prices and fat refining margins.
Trump, a self-proclaimed big free enterprise guy, expressed his disapproval of the companies' profits, saying they are making too much money based on a shortage. He has already ordered a DOJ probe into why gas prices aren't falling faster.
The American Petroleum Institute countered that prices reflect global supply, demand, and geopolitical tensions, not any one company's actions. Chevron declined to comment, while Exxon didn't respond to a request for comment.