Petrol prices strain US households as oil giants Chevron, Exxon profits soar
Summary
President Donald Trump criticized major U.S. oil companies Chevron and ExxonMobil for making large profits while Americans face high petrol prices. Chevron reported its highest quarterly earnings in six years, benefiting from high global oil prices and less dependence on Middle Eastern oil.Key Facts
- President Trump said Chevron and ExxonMobil made "too much money" in recent profits.
- Chevron’s adjusted earnings per share were $6.06, totaling $12 billion in profits this quarter.
- Oil prices rose due to tensions between the U.S. and Iran, affecting global supply routes like the Strait of Hormuz.
- Chevron relies mostly on American oil production (over 70%) and has less than 5% exposure to Middle Eastern oil.
- Chevron rewarded workers with bonuses equal to half their monthly pay.
- ExxonMobil posted $9.2 billion in profits, its best in four years, but below analysts’ predictions.
- Valero Energy also reported record second-quarter profits of $3.7 billion.
- U.S. petrol prices average $4.09 per gallon, significantly higher than $2.98 when the U.S. and Israel first struck Iran in February.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
