Trump Pressures U.S. Oil Companies Making a Fortune from Iran War to Lower Retail Prices

U.S. President Donald Trump renewed pressure on oil companies that have raked in massive profits from surging global oil prices driven by the Iran war, demanding that they lower prices for consumers on local time 3.

Responding to reporters' questions at the White House that day, President Trump stated, "(U.S. oil companies) are making too much money amid supply shortages," adding, "I don't like it."

While emphasizing that he is a supporter of corporate freedom, President Trump repeatedly pointed out, "They are making way too much money."

Mentioning major global oil giants such as Chevron and ExxonMobil, he said, "Some companies made 12 times more profit than the previous year."

Chevron reported a net profit of 12.2 billion dollars (approx. 17.4 trillion won) in the second quarter of this year, which is about five times that of the same period last year.

ExxonMobil also announced that its net profit doubled to 14.5 billion dollars over the same period.

President Trump said, "They need to return some of those profits to the people," adding, "They better lower retail prices, meaning consumer prices."

In a post on his social media platform Truth Social that day, President Trump also singled out Chevron CEO Mike Wirth, urging him to "lower consumer (retail) prices right now."

He stated, "Mike and Chevron were kicked out of Venezuela, but they have returned much bigger and stronger than ever before," adding, "They are expected to make a massive amount of money."

President Trump has previously expressed confidence that global oil prices will plummet as soon as the war ends, while continuously arguing that retail gasoline prices must be lowered so that the burden of high oil prices does not exacerbate living cost hardships for consumers.

On June 24, President Trump instructed the Department of Justice to investigate the issue, pointing out that despite falling global oil prices, the declines were not being promptly reflected in U.S. consumer prices.

On June 29 of the same month, he also criticized, "Gas stations must lower prices immediately. Given that crude oil is currently at 68 dollars a barrel and on a downward trend, gasoline prices are too high."

(Photo: AP, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.