Trump publicly warns Exxon and Chevron: "They made too much money"

[Financial News]  


President Donald Trump has publicly warned the two major U.S. oil companies, ExxonMobil and Chevron Corporation, which have been benefiting from high oil prices. He said they made too much money by driving up fuel prices during the Iran war.
According to CNBC, President Trump told reporters at The White House on the 3rd local time, "They took advantage of the supply shortage and made too much money," adding, "I don't like it."
Earlier, Exxon and Chevron disclosed huge profits in their second-quarter earnings reports on the 31st of last month. Exxon reported net income of $14.5 billion, double a year earlier, while Chevron posted $12.2 billion, a fivefold increase. Combined net income for the two oil majors reached $26.5 billion.
Trump said, "Chevron made too much. ExxonMobil made too much too," adding, "They should return some of those profits to the public, and it would be better to lower retail prices."
U.S. crude oil prices surged 27% from April to June based on closing prices. The average oil price in the second quarter reached $92.45 per barrel.

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