U.S. President Donald Trump criticized Exxon Mobil and Chevron over the scale of their profits during a period of energy-price increases tied to the Iran war, saying the companies had made “too much” and should return part of those gains to the public while lowering gasoline prices. The two oil companies posted a combined $29 billion in second-quarter profit, or about $318 million a day, more than triple the level of the same period last year. The Strait of Hormuz crisis pushed crude prices higher, while refining margins for gasoline, diesel and jet fuel also rose. U.S. retail gasoline prices are now around $4.10 a gallon, up more than 30% from earlier this year before U.S. and Israeli strikes on Iran. Trump said he supports free enterprise but finds current oil-industry profit levels unacceptable. On Monday, Chevron shares fell about 2%, while Exxon Mobil slipped 0.6%. Analysts said the U.S. Strategic Petroleum Reserve is at its lowest level since the early 1980s and commercial crude inventories are also shrinking, leaving few tools for either Washington or oil companies to quickly bring prices down.
BlockBeats reported on Aug. 4 that U.S. President Donald Trump criticized Exxon Mobil and Chevron for earning massive profits during a run-up in energy prices linked to the Iran war, saying the two companies had made “too much” and should return part of their profits to the public while cutting retail gasoline prices.
Exxon Mobil and Chevron posted a combined $29 billion in second-quarter profit, equal to about $318 million per day, more than three times the level recorded a year earlier. The crisis in the Strait of Hormuz lifted oil prices, and refining profits for gasoline, diesel and jet fuel also increased.
U.S. average retail gasoline prices are currently about $4.10 per gallon, up more than 30% from earlier this year before the United States and Israel launched strikes on Iran. Trump said he supports the free-enterprise system, but he cannot accept the current level of profitability in the oil sector.
He also said that if a company earns 12 times more than it did a year earlier, part of that profit should be returned to the public. Trump called on oil companies to proactively lower costs for consumers before the Iran war ends and energy prices fall back.
On Monday, Chevron shares fell about 2%, while Exxon Mobil dropped 0.6%. Analysts said the U.S. Strategic Petroleum Reserve has fallen to its lowest level since the early 1980s, and commercial crude inventories are also declining. In their view, neither the government nor oil companies have effective tools to push oil prices down quickly, and reopening the Strait of Hormuz is the key to restoring global supply and bringing prices lower.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
