Trump pressures Exxon, Chevron to cut pump prices after profit surge
What's new: Chevron posted $12 billion in quarterly profit and Exxon earned $14.5 billion as the Iran war lifted oil prices.
President Donald Trump pressed ExxonMobil and Chevron to lower gasoline prices after both oil majors posted sharply higher second-quarter profits tied to elevated crude prices during the Iran war. Speaking at the White House on Monday, Trump said the companies were making too much money and should reduce what consumers pay at the pump. Chevron reported $12 billion in profit for the three months ending in June, up nearly 400% from a year earlier, while Exxon reported $14.5 billion, more than double its year-earlier result. Higher fuel costs have followed supply disruptions and uncertainty around the Strait of Hormuz, a key route for global oil shipments.