Trump accuses oil companies of reaping excessive profits from Iran conflict

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US President Donald Trump said on Monday that major oil companies are making “too much money” due to high prices stemming from the Iran war, seeking to address a political vulnerability ahead of midterm elections.

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“I don’t like it. They’re making too much money, okay? Based on a shortage, they’re making too much money,” Trump told journalists at the White House.

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High gasoline prices are a key political issue for Trump as his Republican Party heads into the elections in November, with Democrats seeking to wrest control of Congress from them.

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The average price of a gallon of regular gasoline in the United States is up more than 37 percent since the start of the war, launched by Trump and Washington’s ally Israel in late February.

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The war has seen Iran’s retaliatory action target Washington’s allies in the Gulf and virtually block the vital Strait of Hormuz, with both moves sending energy prices skyrocketing.

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US petroleum giants ExxonMobil and Chevron released blowout profits on Friday, reflecting a major lift from the Middle East war that easily offset negative effects at both companies.

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ExxonMobil’s second-quarter profits more than doubled to 12.1 billion, more than five times the level in the year-ago quarter.

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Other major oil companies have also reported massive profits on the back of the war.

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Trump, a strong supporter of fossil fuel interests, has lashed out over prices at the pump, announcing in June that he was directing the Department of Justice to investigate any “gouging” perpetrated by the industry.

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On Monday, Trump slammed the oil companies for their profits, saying he was “not happy about it.”

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“They ought to give some of that back to the public, and they better cut the retail price, the consumer price,” he said.

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AFP

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