U.S. President Donald Trump has publicly pressured major American oil companies, which have reaped massive profits from rising international oil prices, to immediately lower gasoline prices.
Meeting with reporters at the White House, President Trump pointed out that he is "not happy with the oil companies," adding that Chevron and ExxonMobil are "making too much money."
The remarks came three days after these companies reported second-quarter earnings that significantly exceeded market expectations, amid a surge in international oil prices following a conflict with Iran.
[Donald Trump / U.S. President: One company made 12 times what they made the previous year. They have to give some of that back to the public and bring the retail price down, the consumer price down.]
He also kept up his offensive against the refining industry, stating that once the conflict with Iran ends, oil prices will plummet to the bottom.
Previously, President Trump directly targeted Chevron's CEO on his social media, pouring high-intensity criticism by saying, "Without the Trump administration's insight and stability, the oil industry would have been finished."
However, the American Petroleum Institute issued a statement immediately refuting this, saying, "The current high fuel prices are not due to profiteering by individual companies, but rather due to instability in the Middle East and uncertainty surrounding major maritime shipping routes."
Local media outlets have analyzed that as fuel prices skyrocketed due to the U.S.-led Middle East conflict, Trump is attempting to shift the responsibility and public criticism onto the oil industry.
In fact, after carrying out airstrikes on Iran along with Israel, the average gasoline price across the U.S. exceeded $4 per gallon, surging by more than 30%.
Criticism is mounting that with inflation driven by soaring oil prices emerging as the biggest hurdle for the upcoming November midterm elections, Trump is hastily trying to make scapegoats out of the refineries.
ExxonMobil and Chevron have not released an official stance in response to requests for comment on President Trump's remarks.
Reported by Lee Hyeon-yeong | Video by Kim Na-on | Graphics by Yook Do-hyun | Produced by SBS Digital News
※
Copying, redistribution, and unauthorized use in AI training are strictly prohibited.