Trump Slams Exxon and Chevron Iran War Windfalls. Can He Do Anything?
Trump criticized the U.S. oil majors for earning "too much money" thanks to supply disruptions caused by the Iran war.
President Donald Trump has criticized oil giants ExxonMobil and Chevron for their significant profits stemming from the Iran war and related disruptions in global oil markets. Speaking from the Oval Office, the president urged the companies to reduce their retail prices or share their windfall profits with consumers. Trump, known for his pro-free enterprise stance, questioned why Chevron and ExxonMobil should not contribute to alleviating the burden on American consumers.
Both companies reported substantial earnings gains during the second quarter, with Exxon reporting $14.5 billion in profit and Chevron earning $12.1 billion, driven by increased global fuel costs. ExxonMobil spokesperson Bethany Williams and API representative Bethany Williams dismissed the price-gouging allegations, stating that gas prices are not directly correlated with crude oil prices, especially during a major global disruption.
The Department of Justice and Federal Trade Commission have launched an investigation into potential price-fixing and price-allocation practices among oil companies. Experts believe there are avenues available for the administration to steer companies in the direction Trump intends, such as imposing a windfall tax or implementing price controls, but remain divided on whether the president will take concrete action.
Written by urgent.news from Newsweek's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
