Trump Criticizes Exxon and Chevron Over Rising Oil Profits
President Donald Trump has accused ExxonMobil and Chevron of making “too much money” as the Iran conflict pushes oil and gasoline prices higher.
Trump urged the two energy companies to lower consumer prices and suggested they should return some of their increased profits to the public. His remarks come despite his administration’s traditionally supportive relationship with the American oil and gas industry.
The conflict has created uncertainty around the Strait of Hormuz, a major route for global oil shipments. Supply concerns have contributed to higher crude-oil, gasoline and diesel prices.
The American Petroleum Institute defended the industry, arguing that prices are determined by international supply, demand and disruptions affecting global shipping—not by individual oil companies.
Trump predicts that energy prices will decline once the conflict ends, although reductions in crude-oil prices may take time to reach consumers at gas stations.
Do you believe Exxon and Chevron should lower prices or share part of their increased profits with consumers?