Former US President Donald Trump has sharply criticized major oil companies for reaping excessive profits amid the energy market turmoil linked to the US conflict with Iran.
Before the US and Israeli strikes in late February, Brent crude was priced around $70 per barrel. By April, prices spiked to $126, settling near $85 recently. This volatility has enabled firms like ExxonMobil and Chevron to report record earnings.
Record Profits Amid Market Disruption
- Chevron posted a historic quarterly profit of $12.2 billion, a fivefold increase year-on-year.
- ExxonMobil reported $14.5 billion in Q2 profits, doubling last year’s figures and marking its highest since 2022.
- BP’s recent earnings doubled to $5.7 billion in the last quarter.
Trump condemned these gains during a White House briefing, insisting companies "give some of that back to the public" and reduce retail fuel prices. He argued that despite falling crude prices, pump prices remain unjustifiably high, with US gasoline averaging $4.11 per gallon.
Industry and Advocacy Responses
BP CEO Meg O’Neill acknowledged consumer pressures but highlighted the global commodity nature of oil pricing. Meanwhile, environmental groups have labeled the profits "obscene," accusing oil majors of profiting at the expense of ordinary consumers and the environment.
Trump’s comments come as he intensifies scrutiny on energy retailers ahead of the November midterm elections, including ordering a Justice Department investigation into possible price gouging.
He emphasized that despite falling crude prices following peace talks with Iran, retail fuel costs have not decreased proportionately, urging immediate price cuts to ease the burden on consumers.
