President Donald Trump expressed discontent with ExxonMobil and Chevron, stating they made 'too much money' due to rising crude oil prices linked to the ongoing conflict with Iran.
Both companies reported significant windfall profits for the second quarter, with Chevron's earnings increasing nearly 400% to $12 billion and Exxon's profits more than doubling to $14.5 billion compared to the same period last year. Trump urged these companies to lower retail prices for consumers, reflecting a broader concern about the impact of high oil prices on the public.
Since the U.S. and Israel's military actions against Iran on February 28, U.S. crude oil prices have risen approximately 20%, contributing to a nationwide average gasoline price of about $4.10 per gallon, nearly 40% higher than before the conflict.
Following Trump's remarks, shares of Chevron and Exxon fell by more than 2% and about 1%, respectively, as crude prices dropped around 5% amid hopes for de-escalation in U.S.-Iran relations. This situation underscores the volatility in the oil market and the potential for increased regulatory scrutiny on major oil companies during times of geopolitical tension