Trump Calls Out Exxon, Chevron for Profiting From a War He Started
President Donald Trump said Monday, August 3, that ExxonMobil (XOM) and Chevron (CVX) made "too much money" during the Iran war. He called on both companies to cut retail gasoline prices.
Both oil majors released blowout second-quarter earnings three days before Trump's remarks. Trump has otherwise positioned himself as an ally of the fossil fuel industry.
What Trump Said
Speaking to reporters at the White House, Trump singled out both companies by name for capitalizing on tight supply.
"They're making too much money based on a shortage. I don't like it."
Trump, CNBC
Trump added that the companies should return some of that money to consumers. He said prices would "drop through the floor" once the war ends.
He has separately criticized Chevron chief executive Mike Wirth for not crediting his administration's energy policies during a television interview.
Oil's Wild Ride Since February
Crude prices have swung sharply since the U.S. and Israel struck Iran on February 28. Brent crude jumped from around $72 a barrel that week to nearly $120 at its peak. Iran had moved to choke off exports through the Strait of Hormuz timeline, a key global chokepoint. March alone saw Brent gain 51%, one of the largest monthly surges on record.
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