Kathrine Frich
The president is deeply unhappy with the massive profits these corporations are pulling.
Paying for daily necessities often feels like a losing battle when global conflicts shake the economy.
Drivers feel this pinch every time they fill up their tanks. Now, a powerful voice is demanding immediate relief for ordinary people.
Targeting the giants
US President Donald Trump is turning his frustration toward the global energy sector. He recently took aim at massive industry players like ExxonMobil and Chevron.
The president is deeply unhappy with the massive profits these corporations are pulling in while everyday citizens struggle. A recent armed conflict involving Iran has strained global supply lines.
That international tension has driven up costs everywhere. Yet, these massive energy companies seem to be doing better than ever before. Trump wants to see an immediate change in how these businesses treat their customers.
A clear warning
Speaking to reporters at the White House, the president did not hold back his opinions.
“They made too much money because of the shortage. I don’t like that,” Trump told the press corps, according to Ziare.com.
The financial numbers reflect a massive economic boom for the oil giants. For instance, Chevron saw its second-quarter profit almost quadruple, reaching a staggering $12 billion.
Meanwhile, ExxonMobil watched its own earnings double to $14.5 billion during the exact same period.
Pain at the pump
This financial success comes at a steep price for the average American driver. Since the conflict between the US, Israel, and Iran broke out, domestic oil prices have jumped by roughly 20 percent.
Gasoline costs have hit an average of $4.10 per gallon across the country. That figure represents a massive 40 percent spike compared to prices before the war began.
Trump expects the corporations to share the wealth. Ziare.com reported that the president claimed the companies “will give some of this money back to the people” very soon.
He added a pointed piece of advice for the entire industry. The president stated that “they would do well to lower the price at the pump.”
Market reactions
Wall Street investors quickly took notice of the sharp rhetoric coming from the Oval Office. Shares for both Exxon and Chevron took a hit when markets opened on Monday.
Stock prices dropped as the presidential comments circulated alongside a broader dip in global oil values.
Diplomatic talks between the US and Iran are offering financial markets a glimmer of hope today. Investors desperately want these negotiations to prevent the conflict from escalating into something worse.
Sources: Ziare.com
