Trump lashes out at Chevron and Exxon: They're making "too much money" from the war with Iran
In June, the president ordered the Department of Justice (DOJ) to investigate possible "gouging" by the industry. Now, with the profit figures on the table, he has stepped up his rhetoric and directly demanded that the companies lower the prices paid by consumers.
Donald Trump at the White House
President Donald Trump harshly criticized the major oil companies on Monday for the excessive profits they are reaping thanks to the price hikes caused by the conflict with the Iranian regime. Speaking to reporters at the White House, the president noted that the companies are taking advantage of the shortage to rake in excessive profits.
"I don't like it. They're making too much money, okay? Based on a shortage, they're making too much money," Trump said. He added that he is unhappy with the situation and that the companies "ought to give some of that back to the public" and, above all, "cut the retail price, the consumer price," he said."
"Chevron, too much money. Exxon Mobil, too much, too much money," Trump reiterated.
The president also criticized Chevron's CEO, Mike Wirth, in a post on Truth Social on Monday morning. "The only thing he conveniently forgot to mention is that, without the genius, foresight, strength, and stability, of the TRUMP Administration, the Oil Industry, and our Country itself, would be DEAD!" he wrote, adding that all oil companies must "get your consumer (retail!) Oil Prices DOWN, NOW!"
Exxon and Chevron see profits soar
According to AFP, second-quarter results clearly reflect the impact of the war. Exxon Mobil more than doubled its profits, reaching $14.5 billion. Chevron, for its part, reported $12.1 billion, more than five times the figure for the same period last year. Other major oil companies have also posted extraordinary profits driven by the crisis in the Middle East.
Politics
Following Tehran's refusal, Trump demands 'deal, or total surrender' to lift naval blockade
Carlos Dominguez
In June, the president ordered the Department of Justice (DOJ) to investigate possible "gouging" by the industry. Now, with the profit figures on the table, he has raised the tone and directly demanded that companies lower the prices paid by consumers.
The president's message seeks, at the same time, to position himself on the side of ordinary citizens and respond to the political pressure generated by energy costs in an election year leading up to the midterms.
LATEST
