US President Donald Trump has accused ExxonMobil and Chevron of making “too much money” off higher fuel prices, calling on the oil giants to “give some of that back to the public”.
Speaking to reporters in the Oval Office, the US president expressed sharp disapproval over the corporate windfalls while consumers continue to face elevated costs at the pump.
He said: “They are making too much money. Chevron too much money, ExxonMobil too much money. When you look at a company and they make 12 times of what they made here before, they should give some of it back to the public. And the better cut the retail price, the consumer price. Too much money, you are surprised I am saying this. I will say it loud and clear, because I am not happy about it,” Trump stated.
The public outcry comes just days after both energy giants posted strong quarterly financial reports, driven by elevated global crude prices and strong refining margins.
Chevron reported second-quarter net income of $12.1 billion, nearly quadruple its earnings from the same period a year prior, while ExxonMobil recorded $14.5 billion in profit, more than double its figure from the previous year.
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