President Donald Trump criticized ExxonMobil and Chevron on Wednesday after both oil companies reported sharp profit increases during a stretch of higher crude prices tied to the Iran war. Trump called for lower retail fuel prices during his remarks to reporters at the White House.
The profit jump
ExxonMobil and Chevron posted sharp profit increases in their latest quarterly reports. The gains came as crude prices climbed amid the ongoing conflict with Iran. Neither company has publicly commented on the president's criticism.
Trump's reaction
Trump did not mince words. He said the companies were making too much money while Americans paid more at the pump. He called for lower retail fuel prices, though he did not specify any action he might take. The remarks came during a brief question-and-answer session with reporters at the White House.
The Iran war context
Higher crude prices have been linked to the Iran war. The conflict has disrupted global oil supplies and pushed up costs for producers and consumers alike. The profit increases at ExxonMobil and Chevron reflect that environment.
Trump's criticism puts the two oil majors on notice. The president has often used public pressure to influence corporate behavior, especially on fuel prices. Whether the companies will respond by cutting prices remains an open question.
