Trump says Exxon and Chevron are 'making too much money' on high oil prices amid Iran war
Trump said the oil giants are making too much money as Chevron reported $12 billion in quarterly net income and ExxonMobil posted $14.5 billion.
- On Monday, President Donald Trump accused ExxonMobil and Chevron of "making too much money" and demanded the oil giants lower retail gasoline prices following their blockbuster second-quarter earnings.
- Supply shortages tied to the conflict with Iran disrupted global energy markets, allowing ExxonMobil and Chevron to post combined profits of $26.5 billion in the quarter spanning April through June.
- Andrew Lipow, president of energy consulting firm Lipow Oil Associates, explained that pump prices reflect complex supply chain costs including refining constraints, not crude prices alone, creating delays in retail relief.
- Major oil companies own fewer than 5% of gas stations, according to the American Petroleum Institute, leaving them without direct control over the vast majority of retail pump prices.
- Although Trump ordered a Department of Justice investigation in late June, no evidence of unlawful price gouging has been established, while Treasury Secretary Scott Bessent signaled a potential Iran deal could ease fuel costs.
45 Articles
45 Articles
Trump’s bizarre pitch to Vegas voters: I might send gas prices up
President Donald Trump has long attempted to deny the sour state of America’s economy, even as rampant inflation causes millions of people to struggle to make ends meet. Yet on Wednesday, during a rally in Las Vegas, the president doubled down on his claim that the economy is improving — even as he acknowledged that things may get worse due to his ongoing war against Iran.“Remember, we inherited the worst inflation in the history of our country,…
Pritzker asks oil CEOs to return Iran war windfall profits to Illinois consumers: 'You owe it to the people'
It's a rare agreement between the Democratic governor and President Donald Trump, who on Monday railed against Chevron and Exxon Mobil for earning high profits amid the Iran war and said they should "give some of that back to the public."
The federal government continues to financially support the oil industry, which, however, makes huge profits through the war in Iran.
The Center Square
The HayrideChevron seeks to nullify $744M verdict over coastal damage
(The Center Square) – Chevron asked a federal appeals court Wednesday to move a Plaquemines Parish coastal damage case into federal court, a step the company says would erase a
"They make too much money," US President Donald Trump said in the Oval Office, CNN recalls.
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