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US oil giants rake in profits amid Iran war; Trump calls for lower prices

From Liberty Times · () Chinese

Translated from Chinese, summarized and contextualized by DistantNews.

At a glance

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  • U.S. oil giants ExxonMobil and Chevron reported significantly higher profits in the second quarter due to soaring global oil prices, fueled by the U.S.-Iran conflict.
  • ExxonMobil's net profit more than doubled year-over-year to $14.53 billion, while Chevron's profit surged over fourfold to $12.1 billion.
  • President Trump publicly criticized the companies, stating they were earning too much and urged them to lower retail prices to benefit consumers.

American oil behemoths ExxonMobil and Chevron have posted blockbuster second-quarter earnings, largely propelled by the surge in global oil prices attributed to the U.S.-Iran conflict. The companies' financial reports reveal a dramatic increase in profitability compared to the previous year.

ExxonMobil announced a net profit of $14.53 billion, more than doubling its $7.1 billion profit from the same period last year. Chevron reported an even more striking performance, with its second-quarter net profit soaring to $12.1 billion, a more than fourfold increase from the $2.5 billion earned in the prior year.

making too much money

— Donald TrumpPresident Trump's public statement regarding the profits of U.S. oil companies.

Amidst these record profits, U.S. President Trump publicly voiced his discontent. Speaking from the White House, Trump declared that ExxonMobil and Chevron were "making too much money." He urged the corporations to significantly reduce their retail oil prices and pass on the gains to the public. "They're making too much money. You're surprised I'm saying that? I'm going to say it loud and clear. I'm not happy about it," Trump stated.

Following Trump's public admonishment, both ExxonMobil and Chevron saw their stock prices decline on Tuesday. ExxonMobil's shares closed down 0.24%, while Chevron's fell by 1.85%. The president's strong words highlight a growing tension between government calls for consumer relief and the market dynamics driving energy company profits.

You're surprised I'm saying that? I'm going to say it loud and clear. I'm not happy about it.

— Donald TrumpPresident Trump expressing his dissatisfaction with the high profits of oil companies.
DistantNews Editorial

Originally published by Liberty Times in Chinese. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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