US President Donald Trump accused oil majors of “making too much money” after they reported windfalls from the Iran war, saying they should “give some back to the public.”
ExxonMobil’s second-quarter profits doubled year-on-year, Chevron had its highest earnings on record and Aramco, BP, and Shell declared blockbuster earnings. Oil prices breached $100/barrel in May and average US pump prices hit $4.55 as the conflict disrupted shipping.
The surging cost of gas is proving a major headwind for Trump’s Republican Party, which is underwater in the polls ahead of November’s midterms. But the president has little room for maneuver: The US Strategic Petroleum Reserve is already at its lowest level since the early 1980s, The Wall Street Journal reported.
