Trump Targets Oil Giants Over 'Obscene' Profits Amid Iran War-Driven Price Surge
President Donald Trump has turned his criticism towards America's largest oil companies, specifically Chevron and ExxonMobil. He accused them of profiteering from the current high energy prices linked to the war with Iran.
The president pointed out that these two companies alone reported over $26 billion in profit for the three months ending in June. Trump claimed they are making too much money based on a shortage, and he wants them to 'give some of that back to the public' by cutting retail prices.
Trump's comments come after months of volatility in global oil markets following the outbreak of fighting involving Iran. The Strait of Hormuz remains one of the world's most strategically important shipping routes, carrying around one-fifth of global oil and liquefied natural gas supplies.
The president predicted that oil prices will drop sharply once the conflict eventually ends, saying 'I think oil prices are going to drop through the floor.'