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Trump Targets Big Oil Profits as Gas Prices Soar
President Donald Trump has criticized ExxonMobil and Chevron for making too much money from the ongoing Iran war. The companies reported combined profits of $26.5 billion in the second quarter, with Chevron's profits increasing by a staggering 400% compared to the same period last year.
ExxonMobil's profits more than doubled over the same time frame. Trump expressed his dissatisfaction, saying 'Based on a shortage, they're making too much money.' He added that he would not have liked it even if he were not a supporter of free enterprise.
The average gas price has spiked to nearly $4.10 per gallon this week, with Trump suggesting that the companies should give some of their profits back to consumers and cut retail prices.