Trump says Exxon and Chevron made 'too much money' off high oil prices during Iran conflict: 'I don't like it'
U.S. crude oil prices have gained about 20% since the U.S. and Israel attacked Iran on Feb. 28.
President Donald Trump expressed discontent on Monday regarding the substantial profits earned by ExxonMobil and Chevron during the Iran conflict. The CEOs of these oil giants reported record-breaking windfall profits for the second quarter, with Chevron's earnings soaring nearly 400% to $12 billion, and Exxon's profits more than doubling to $14.5 billion.
Trump criticized the companies, stating, "I don't like it," and asserting that they should provide some of their windfall profits back to the public and reduce the retail and consumer prices.
Since the U.S. and Israel launched attacks on Iran on February 28, the price of U.S. crude oil has surged by approximately 20%, reaching an average closing price of around $92 from April to June, a 27% increase from the previous quarter. This oil price surge has been exacerbated by Tehran's attempts to disrupt oil exports through the Strait of Hormuz, resulting in the most significant supply disruption in history.
Following Trump's comments, the stocks of Chevron and Exxon experienced a slight decline, with Chevron shares down more than 2% and Exxon trading about 1% lower. The oil majors' stocks had already been under pressure on Monday due to falling crude prices by approximately 5%, as hopes grew that U.S.-Iran negotiations might prevent further escalation.
Written by urgent.news from CNBC World's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
