Trump against oil giants - "You make a lot of money and you need to lower prices"
US President Donald Trump has launched a scathing attack on US oil companies, accusing them of "making too much money" and calling on them to lower prices. ExxonMobil and Chevron announced a significant increase in their profits last Friday, as a result of the war in the Middle East.
Trump stressed that he "doesn't like this" and that both companies are taking advantage of shortages in the market, making huge profits. At the same time, he assured that he supports business freedom, but stressed that these companies have benefited more from the consequences of the conflict in Iran.
The American president emphasized: “When you see a company making twelve times more than last year, they should give some of that money back to the people.” He added that “it is in their best interest to lower prices at the pump.”
On Friday, both companies reported second-quarter results. ExxonMobil doubled its net income to $14.5 billion, while Chevron posted a profit of $12.1 billion, a fivefold increase from the same period last year. However, both avoided linking their revenue growth to the war in the Middle East.
Rising fuel prices have helped keep inflation high since the start of the year. The issue has taken on a political dimension just months before the November midterm elections, with Democrats trying to capitalize on public discontent.
The Republican president had pledged during the election campaign to lower the cost of living. The conflict in the Middle East has led to the near-total closure of the Strait of Hormuz, through which about 20% of global oil is transported. At the same time, production is affected by damage to key energy infrastructure, mainly those located in Qatar.
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