Trump says Exxon and Chevron are 'making too much money' amid Iran war
Summary
President Donald Trump criticized Exxon and Chevron for earning very large profits because of high oil prices linked to the war involving Iran. He urged these companies to lower fuel prices for consumers, saying the prices are too high during this difficult time.Key Facts
- President Trump spoke on August 4, 2026, in the Oval Office about oil companies' profits.
- Exxon and Chevron gained record profits due to sharp increases in oil prices caused by the Iran war.
- Chevron made $12 billion profit in three months, up nearly 400% from a year earlier.
- Exxon earned $14.5 billion in the same period, more than doubling its profits from the previous year.
- The Iran war started with U.S. and Israeli attacks on February 28, 2026, causing a major oil shortage.
- The Strait of Hormuz, a key shipping route for oil, was effectively closed by Iran during the conflict.
- Oil prices rose significantly, peaking at $119 a barrel before fluctuating as the war situation changed.
- Exxon and Chevron did not respond to requests for comment about President Trump’s statements.
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