President Donald Trump has stated that ExxonMobil and Chevron are “making too much money” as a result of increased oil prices, calling on them to lower retail prices and share profits with the public. The remarks came during comments to reporters at the White House, coinciding with rising tensions related to conflict in Iran.
The increase in oil company profits is linked to a roughly 20% gain in U.S. crude oil prices since February 28th, following attacks involving the U.S. and Israel. Trump indicated that these profits are occurring “based on a shortage,” suggesting an unusual level of profitability stemming from geopolitical instability.
The White House is currently addressing complaints about gas prices as the situation with Iran continues to unfold. While no specific actions were outlined, Trump’s comments signal potential pressure on oil companies to address concerns regarding affordability at the pump. No right-leaning outlets reported this story.
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