economy
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.
TL;DR
- President Trump believes ExxonMobil and Chevron made too much money due to rising oil prices linked to the Iran war.
- Trump stated he does not like the situation where companies make too much money based on a shortage.
- Chevron reported a nearly 400% increase in second-quarter earnings to $12 billion, while Exxon's profits more than doubled to $14.5 billion.
- Trump called for the oil companies to pass on some of their profits to the public and lower retail prices.
- U.S. crude oil prices have increased about 20% since the U.S. and Israel attacked Iran.
- Gasoline prices have risen nearly 40% since the conflict began before the war started.
- Shares of Chevron and Exxon traded lower following Trump's comments.