Trump accuses oil companies of ‘making too much | Political News

President Donald Trump is accusing oil companies of “making too much money” from the global power disruption brought on by the battle he began with Iran.

Brent crude had been trading at about $70 per barrel before the U.S.-Israeli strikes at the end of February. However, by the end of April, it reached as high as $126 and is now trading at about $85 a barrel.

The president took intention at the windfall income revealed last week by ExxonMobil and Chevron, saying the companies would “give some of that back to the public.” Trump told reporters at the White House on Monday, “They’re making too much money based on a shortage. I don’t like it.”

Trump’s feedback got here just hours before BP reported its income had doubled in the last quarter, to $5.7 billion.

Oil companies in the U.S. made income totaling more than $26 billion for the three months to the end of June by taking benefit of the power market disruption triggered by battle.

Chevron reported its highest-ever quarterly revenue of $12.2 billion. Meanwhile, ExxonMobil reported a revenue of $14.5 billion in the second quarter, double its revenue in the same period last 12 months and the best quarterly revenue since the 2022 Russian invasion of Ukraine.

“Chevron: too much money. ExxonMobil: too much money,” said Trump. “They’re going to give some of that back to the public, and they better cut the retail price, the consumer price.”

When requested about the president’s feedback, BP chief government Meg O’Neill told CNBC that she understood the financial strain on households. “The reality is, we produce a global commodity, and the product we sell hangs off that global commodity price,” she added.

Climate activists have also attacked big oil’s bumper quarterly earnings, calling them “obscene.”

“Chevron and Exxon are profiteering from a model of distraction, leaving ordinary people to pay the price with higher bills and devastating impacts such as these fires. These profits feel almost criminal,” said Clémence Dubois, a campaigns director at 350.org, an worldwide environmental group.

Trump criticized oil company income weeks after warning power retailers to cut their costs forward of the November midterm elections. He also ordered the Justice Department to examine potential price gouging in the retail power sector.

“Gasoline Retailers must get ​their Prices down, IMMEDIATELY,” he wrote on Truth Social in late June. “If Retailers don’t do this, big problems lie ​ahead!”

Trump told reporters that the drop in oil and fuel costs during the administration’s June peace talks with Iran ought to have pushed costs down to $2.25 a gallon. “Oil prices have come down so much, and we are not seeing anything at the pump by comparison, the way they should be,” he told reporters in the Oval Office.

Gas costs are presently averaging at $4.11 a gallon, according to data from the AAA monitoring group. The Trump administration has repeatedly said it has no plans to introduce an export ban on oil or petroleum merchandise, but some analysts say this may very well be modified if costs continue to rise.