"I don't like it. They are making too much money due to supply shortages. Perhaps I should be the last person to say that because I have always strongly supported a free market economy," US President Donald Trump told reporters at the White House on 3/8.
On 31/7, two major US oil and gas corporations, ExxonMobil and Chevron, announced better-than-expected earnings. Rising energy prices due to the Middle East conflict fully offset any negative impacts on their operations. ExxonMobil's second quarter profit more than doubled to 14,5 billion USD, while Chevron reached 12,1 billion USD, 5 times higher than the same period last year.
Many major US oil and gas corporations also reported significant profits due to rising oil prices amidst the conflict.
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US President Donald Trump at the White House on 3/8. Photo: AFP |
"No one supports free enterprise more than I do. You will see, oil prices will plummet once we resolve the Iran issue, but they have made too much money. Both Chevron and ExxonMobil are making a fortune," Trump added.
The US president urged oil companies to lower retail fuel prices for consumers.
"When a company earns 12 times more than the previous year, they should share a portion of that profit with the people, preferably by lowering retail prices, which is the price consumers pay. Too much money. Perhaps you are surprised to hear me say this, but I will make it very clear that I am not happy about it," Trump stated.
In a post on the Truth Social network the same day, President Trump also complained that Chevron CEO Mike Wirth did not acknowledge the administration's role in the company's success.
High gas prices have become a significant political issue for Trump as the Republican Party approaches the midterm elections in november, and the Democratic Party is striving to regain control of both chambers of Congress. The average price of one gallon (nearly 3,8 liters) of regular gasoline in the US has increased by more than 37% since the Middle East conflict erupted in late february.
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Fluctuations in US fuel prices since the outbreak of the Middle East conflict. Graphics: ChatGPT/Huyen Le |
Iran's retaliatory actions against US allies in the Gulf region and the blockade of the Strait of Hormuz have also sharply driven up energy prices.
Trump has consistently criticized rising retail gas prices recently, despite being a strong supporter of the fossil fuel industry. In june, he announced that he had directed the US Department of Justice to investigate any potential price gouging in the oil industry.
Huyen Le (According to AFP, CNN)
