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Trump Criticizes Exxon and Chevron Over Iran Profits

President Trump criticized Exxon and Chevron on Monday. He said the companies made too much money.

This happened during the Iran conflict. His comments came three days after the companies reported earnings.

Chevron's earnings jumped almost 400% to $12 billion. That is up from $2.5 billion a year earlier.

Exxon's profits more than doubled to $14.5 billion. Both companies reported their biggest profits in years.

US crude oil prices rose about 20% since the attack on Iran. The US and Israel attacked Iran on February 28.

Iran responded by trying to block the Strait of Hormuz. Nationwide gas prices averaged about $4.10 per gallon.

That is roughly 40% higher than before the conflict. Trump also urged the companies to lower prices. He warned oil prices would drop sharply once the conflict ends.

Klear Note Oil companies earn more profit when prices rise. Gas prices jumped 40% since the Iran conflict started in February.
Key Terms 2
  • Strait of Hormuz A narrow sea passage used to ship much of the world's oil.
  • Second-quarter earnings A company's profit report covering April through June.
Verified Sources 2