Trump Targets Oil Giants Over Soaring Profits
President Trump has publicly expressed his dissatisfaction with the soaring profits of Exxon Mobil and Chevron. The two oil giants have posted massive quarterly results, thanks in part to higher crude prices and fat refining margins.
'They're going to give some of that back to the public,' Trump said, 'and they better cut the retail price, the consumer price.'
The CEOs of Exxon Mobil and Chevron warned that limited refining capacity could keep fuel costs elevated into the fall. The American Petroleum Institute (API) stated that prices reflect global supply, demand, and geopolitical tensions.
Trump has already ordered a Department of Justice probe into why gasoline prices haven't fallen faster. The current average price is about $4.10 per gallon, up from under $3 before US and Israeli strikes on Iran earlier this year.