Trump slams oil companies for ‘making too much money’ from his war on Iran
Summary
President Donald Trump criticised major oil companies for making large profits amid higher oil prices caused by tensions with Iran. He said these companies should share their extra earnings with the public and reduce gas prices for consumers.Key Facts
- Oil prices rose sharply from about $70 a barrel before US-Israeli strikes on Iran to as high as $126, now around $85.
- ExxonMobil and Chevron reported huge profits in the second quarter, $14.5 billion and $12.2 billion respectively.
- BP’s profits more than doubled to $5.7 billion in the latest quarter.
- Trump said oil companies are making “too much money” and should give some profits back to the public.
- The president urged retailers to lower gas prices and warned of problems if they don’t.
- US gas prices currently average $4.11 per gallon, despite falling oil prices during peace talks.
- The US government is investigating potential price gouging in the energy sector.
- Climate groups condemned big oil’s profits, saying ordinary people are paying higher bills.
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.
