US President Donald Trump has criticised oil giants ExxonMobil and Chevron for making what he described as excessive profits, calling on the companies to reduce petrol prices for American consumers. Speaking to reporters, Trump expressed dissatisfaction with the companies’ strong second-quarter earnings, which were driven by higher oil prices during the Iran conflict. He also […]
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US President Donald Trump has criticised oil giants ExxonMobil and Chevron for making what he described as excessive profits, calling on the companies to reduce petrol prices for American consumers.
Speaking to reporters, Trump expressed dissatisfaction with the companies’ strong second-quarter earnings, which were driven by higher oil prices during the Iran conflict.
He also criticised Chevron Chief Executive Mike Wirth, accusing him of failing to acknowledge his administration’s support for the oil industry.
Trump said his administration had played a key role in strengthening the sector and cited Chevron’s return to Venezuela as an example of its success.
Responding to the criticism, the American Petroleum Institute said current fuel prices are being driven by global supply and demand, as well as uncertainty surrounding the Strait of Hormuz and other key shipping routes, rather than the actions of individual companies.
Trump urged oil producers to lower prices at the pump, expressing confidence that oil prices would fall significantly once the conflict with Iran comes to an end.
The remarks come as US retail petrol prices remain elevated following the Middle East conflict, while major energy companies continue to report strong earnings from higher crude oil prices and refining margins.
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