economy
Exxon Mobil and Chevron resist Trump call to boost output
Oil giants have resisted pressure from the Trump administration to boost production as the United States faces high energy costs caused by the war in Iran.
TL;DR
- Exxon Mobil and Chevron are resisting the Trump administration's calls to boost oil production.
- The companies cited no change in strategy for the Permian Basin and a focus on free cash flow, not production growth.
- Oil and gas prices have reached multi-year highs due to the war in Iran.
- Both companies reported significant declines in first-quarter profits compared to the previous year.
- President Trump has vowed to bring gas prices down and has taken actions to ease high prices.