Trump Targets Chevron and ExxonMobil Over Profits Amid Rising Fuel Prices
President Trump publicly criticized Chevron and ExxonMobil for their profits during an executive-order signing in the Oval Office. He accused the companies of making 'too much money' and suggested they should give some back to the public.
The president's comments came three days after both companies reported strong second-quarter earnings, with Chevron's adjusted earnings reaching $12 billion and ExxonMobil reporting GAAP earnings of $14.5 billion and adjusted earnings of $14.7 billion.
However, Trump's math was off, as he claimed one company made 12 times what it did the year before, when in fact both companies' profits were significantly lower than that. Chevron's profit increased by roughly 380%, or just under five times the previous year, while ExxonMobil's profit more than doubled.
The conflict with Iran and its impact on global oil supplies has driven up fuel prices, with a nationwide average of $4.10 per gallon of regular gasoline. Trump's criticism was not new, as he had previously directed the Justice Department to investigate whether oil companies were slow to cut prices after crude costs eased.