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Trump demands ExxonMobil, Chevron cut gas prices
President shames oil supermajors on record profits amid war in Iran
Key Takeaways:
- President Donald Trump accused ExxonMobil and Chevron on Aug. 3 of excessive profits and urged them to cut gasoline prices.
- Both companies more than doubled second-quarter net income amid global energy disruptions, while regular gasoline now averages more than $4 per gallon.
- Trump ordered the Justice Department in June to investigate why gasoline prices had not fallen, suggesting possible price gouging.
President Donald Trump scolded ExxonMobil Holdings Corp. and Chevron Corp. for their soaring profits, as oil prices surged amid the war in Iran he launched in February alongside Israel.
Trump on Aug. 3 said the biggest U.S. oil companies are “making too much money,” urging them to “give some of that back to the public” and cut retail gasoline prices.
“I don’t like it. I should be the last one to say because I’m a big free enterprise guy, nobody bigger,” the president told reporters at the White House. “You surprised I’m saying it? I’ll say it loud and clear. I’m not happy about it.”
ExxonMobil and Chevron more than doubled their second-quarter net income on the heels of global energy market disruptions stemming from conflicts in the Middle East and Russia. Instead of using the money for investor proceeds, the supermajors put it toward lowering their debts.
Trump has come under intense political fire from the economic fallout from the war.
Americans already grappling with the high cost of housing, food and consumer goods are now paying more than $4 per gallon of regular gasoline on average. Voters have given Trump increasingly poor marks over his handling of the economy and the war, imperiling his fellow Republicans’ chances in November’s midterm elections.
In recent weeks, he’s pointed to big oil companies as a scapegoat for high fuel prices. Trump in June ordered the Justice Department to investigate why gasoline prices had not fallen, suggesting companies could be engaged in price gouging.
