Trump Targets ExxonMobil and Chevron Over Excessive Oil Profits

US President Donald Trump has directed his criticism at ExxonMobil and Chevron, two of the world's largest oil companies. He claims that they are making excessive profits from the war in Iran and should return some of their earnings to Americans by cutting retail gasoline prices.

In a recent statement, Trump said 'Chevron, too much money. ExxonMobil, too much money.' He also singled out Chevron CEO Mike Wirth for criticism, saying that he failed to mention the support given to the company by the US administration when discussing its success.

The oil companies have indeed benefited from the sharp rise in oil prices caused by the war. Since April through June, WTI crude averaged $92.45 per barrel, 27% higher than in the first quarter. As a result, ExxonMobil and Chevron earned record profits of $14.5 billion and $12 billion respectively.

However, Trump's criticism does not appear to pose a serious threat to the companies' operations. They continue to increase production and refine oil at near-full capacity, earning more from each barrel due to the fuel shortage. The White House could try to increase oil supply by releasing more barrels from the Strategic Petroleum Reserve, but its inventory has already fallen to the lowest level since February 1983.

The real risk for the oil giants is not Trump's criticism but the end of the war. If shipments through the Strait of Hormuz recover and refineries return to normal operations, windfall profits will begin to shrink.