Donald Trump criticizes Big Oil profits as gasoline prices exceed $4

President Donald Trump went after two of America’s largest oil companies on August 3, calling out ExxonMobil and Chevron for raking in outsized profits while American drivers watch the pump tick past $4 a gallon. The national average for gasoline has climbed to roughly $4 per gallon, up from nearly $3 before the US conflict with Iran disrupted shipping through the Strait of Hormuz. Trump demanded that oil companies lower retail prices and share some of their windfall with consumers. Record profits meet rising pump prices Chevron just reported its highest quarterly earnings in at least six years as part of its second-quarter results released at the end of July. ExxonMobil wasn’t far behind, posting its best quarterly profit in four years over the same period. BP also got in on the action. The British energy giant saw its profits more than double compared to prior periods, riding the same wave of elevated crude prices that has padded the balance sheets of its American competitors. Trump suggested that gasoline prices could “plummet” once the Iran situation is resolved. Why Trump’s tone shift matters for energy markets Trump’s first and second terms were defined by deregulation, expan...