Trump Targets Oil Giants Over Iran War Profits
US President Donald Trump has criticized oil companies for making 'too much money' from his war on Iran, which led to a significant increase in global energy prices. Brent crude had been trading at around $70 a barrel before the US-Israeli strikes at the end of February but soared as high as $126 and is now trading at about $85 a barrel. Trump targeted ExxonMobil and Chevron, citing their windfall profits, which totalled over $26 billion for the three months to the end of June.
Chevron reported its highest ever quarterly profit of $12.2 billion, a fivefold increase on the same period last year, while ExxonMobil's profit doubled to $14.5 billion in the second quarter. Trump told reporters that the companies would 'give some of that back to the public' and urged them to cut retail prices.
The US oil companies' profits have been attacked by climate campaigners, who condemned them as 'obscene'. The BP chief executive, Meg O'Neill, said that the company understood the pressures on households but added that they produce a global commodity and are affected by its price.