Trump: Big oil companies are making too much money

President Donald Trump has voiced strong disapproval of major oil companies, stating they are "making too much money" due to shortages. Speaking to reporters at the White House, Trump indicated his dissatisfaction with the current high gasoline prices, which he views as a significant political issue ahead of the November elections where his Republican party aims to retain control of Congress.

The average price of regular gasoline in the United States has surged over 37% since the beginning of the conflict initiated by Iran against Washington's allies in the Persian Gulf. This conflict has led to Iran taking retaliatory actions and effectively blocking the vital Strait of Hormuz, contributing to the sharp rise in energy prices.

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I don't like it. They're making too much money, okay? They're making too much money because of the shortages.

U.S. oil giants ExxonMobil and Chevron announced substantial profits for the second quarter, largely driven by the Middle East conflict. ExxonMobil's profit more than doubled to $14.5 billion, while Chevron reported $12.1 billion, a more than fivefold increase compared to the same quarter last year. Other major oil companies have also reported significant earnings increases attributed to the ongoing war.

Trump, a proponent of fossil fuel interests, has previously criticized gasoline prices and directed the Department of Justice in June to investigate any instances of "price gouging." On Monday, he reiterated his criticism of oil companies' profits, urging them to "give some back to the public and better yet, lower the retail price, the consumer price."

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They should give some back to the public and better yet, lower the retail price, the consumer price.