Trump says Exxon and Chevron made 'too much money' off high oil prices during Iran conflict: 'I don't like it'
📰 source: cnbc_topnews · 💼 business
trump said monday that exxon and chevron made "too much money" on rising crude prices from the iran conflict. he told reporters they're making too much money based on a shortage and that he doesn't like it. both companies reported windfall q2 profits on friday.
chevron earnings soared nearly 400% to $12 billion from $2.5 billion a year earlier. exxon profits more than doubled to $14.5 billion from $7.1 billion. trump said they should give some back and cut consumer prices. crude oil has gained about 20% since us-israel attacked iran on feb. 28, with us futures averaging around $92 per barrel from april through june, up 27% from q1. gasoline averaged $4.10 per gallon monday, nearly 40% higher than $2.98 before the war.
chevron shares fell nearly 2% and exxon traded slightly lower after his comments. oil majors were already under pressure as crude fell 5% on hopes of us-iran talks.
why it matters: presidential pressure on oil majors over windfall profits signals potential policy risk for energy stocks.
source: cnbc_topnews
sentiment: -0.30 · impact: 0.60