Trump Targets Oil Giants Over 'Excessive Profits' Amid Iran Conflict
US President Donald Trump expressed discontent on Monday over the profits of major oil companies, specifically Chevron and ExxonMobil. According to CNN, which was cited by Ukrainian news outlet UNN, Trump stated that these companies are 'making too much money' amid a sharp rise in oil prices tied to the ongoing conflict with Iran.
Trump made his comments during a meeting in the Oval Office, where he also criticized Chevron CEO Mike Wirth for not giving him sufficient credit for US successes in an interview. The president demanded that these companies lower gasoline prices immediately and suggested that some of their profits should be returned to consumers.
ExxonMobil and Chevron reported significant profits last week due to the surge in global oil prices caused by the Iran-US war. Trump believes that once the conflict is resolved, oil prices will decrease sharply. The Strait of Hormuz could be fully opened as early as Tuesday, according to Trump's previous statement.