According to a US media report, The Wall Street Journal, U.S. President Trump stated on August 3 local time that large American oil companies have 'made too much money', and some of this profit should be returned to the public.
When you see a company's profit last year was twelve times last year, they should give back part of it to the public," Trump told reporters in the White House oval office. "And they'd best lower retail prices, which means consumer prices."
Reports say that Trump claims to be a “stout supporter of free enterprise.” However, he expressed dissatisfaction with the profits in the oil industry, especially given the rise in fuel prices due to the war in Iran.
He stated: “You may be surprised by what I’m saying. I want to make my views clear. I am not satisfied with the profit margins in the oil industry.”
Trump Criticizes Large Oil Companies on Video on March 3
The Wall Street Journal and Bloomberg reported that the ongoing war between the US and Iran has caused historic turmoil in global markets. Energy prices have skyrocketed, and public dissatisfaction has also risen. Meanwhile, the largest oil companies in the US have announced staggering quarterly profits.
Among them, ExxonMobil’s quarterly profits increased by more than double compared to the same period last year, reaching $14.5 billion, setting a record high for the year 2022. Chevron’s quarterly profits also reached a new high, reaching $12.1 billion.
Analysts point out that Trump and the oil industry have little ability to alleviate high oil prices, and many methods have already been tried. Since spring, the significant reduction in the United States’ strategic petroleum reserves has brought emergency stock levels to their lowest point since the early 1980s. With a surge in oil exports, commercial stocks have also decreased.
They stated that only by reopening the Hormuz Strait can we ensure that global supplies rise to levels sufficient to meet the world's needs.
Consulting firm Rapidan Energy Group’s energy policy director, Glenn Schwartz, added: “It seems that Trump is well aware that as the midterm elections approach, high oil prices and high retail gasoline prices will make it even more difficult for current officials, especially Republicans, to stay in power. They understand what the political consequences of this would be.”
Earlier that day, Trump posted a tweet on social media criticizing Chevron CEO Mike Woods: "The only thing Mike seems willing to ignore is that without the vision, strength, and stability of the Trump administration, the oil industry, and even our country itself, would have already ceased to exist!"
Previously, Woz took an interview with Fox News Channel. During the interview, Woz highlighted the company’s record-breaking oil and gas production and fuel manufacturing capabilities in the United States. He noted that disruptions in energy supplies have spread to the Red Sea and Black Sea, and the risks posed by oil supply are “very real”.
