Trump says Exxon and Chevron made 'too much money' off high oil prices during Iran conflict: 'I don't like it'
Here's what's trending across India right now:
President Donald Trump shared Monday that ExxonMobil and Chevron made "too much money" on rising crude oil prices due to the Iran war.
Adding to this, Exxon and Chevron on Friday reported windfall profits for the second quarter. Chevron's earnings soared nearly 400% to $12 billion compared to $2.5 billion in the same period last year. Exxon's profits more than doubled to $14.5 billion compared to $7.1 billion in the year-ago period.
Meanwhile, "Chevron, too much money. ExxonMobil, too much money," Trump shared. "They're going to give some of that back to the public and they better cut the retail price, the consumer price."
Notably, U.S. crude oil prices have gained about 20% since the U.S. and Israel attacked Iran on Feb. 28. Tehran has retaliated by trying to choke oil exports through the Strait of Hormuz, triggering the largest supply disruption in history.
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Source: CNBC