&imwidth=800&imheight=600&format=webp&quality=medium "Trump says US oil firms made ‘too much money’ off high prices during Iran conflict")
President Donald Trump said on Monday that ExxonMobil and Chevron made “too much money” following the sharp spurt in crude oil prices since the Iran war began five months ago.
“They’re making too much money based on a shortage,” Trump told reporters at the White House, and added, “I don’t like it.”
Trump does not seem to be wrong here, as Exxon and Chevron on Friday reported windfall profits for the second quarter. Chevron’s earnings soared nearly 400% to $12 billion compared to $2.5 billion in the same period last year. Similarly, Exxon’s profits more than doubled to $14.5 billion compared to $7.1 billion in the year-ago period.
Laos Read: ‘Talks on right now’: Trump says he wants to give Iran ‘every last chance before decapitation’
“Chevron, too much money. ExxonMobil, too much money,” Trump said. “They’re going to give some of that back to the public, and they better cut the retail price, the consumer price.”
US crude oil prices have gained about 20% since the US and Israel attacked Iran on Feb. 28. Besides retaliating militarily, Tehran choked oil exports through the Strait of Hormuz, triggering the largest supply disruption in history.
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Also Read: ‘Deal or total surrender’: Trump says Iran’s leadership dishonest and ‘unbelievably duplicitous’
US oil futures had an average closing price of around $92 per barrel from April through June, about 27% higher than the first quarter.
Meanwhile, gasoline prices in the US averaged about $4.10 per gallon on Monday, nearly 40% higher compared to the $2.98 per gallon on Feb. 27 before the war started.
Chevron’s shares were down more than 2%, while Exxon traded about 1% lower after Trump’s comments. Oil stocks were already under pressure on Monday as crude prices fell about 5% on hopes that US-Iran talks might prevent further escalation.
