U.S. President Donald Trump sharply criticized U.S. oil corporations for reaping huge profits by taking advantage of the high oil prices triggered by the war with Iran. In fact, Chevron, which enjoyed an unprecedented boom, even paid special bonuses to employees, throwing what amounted to a money feast.
On the 3rd (local time), meeting with reporters at the White House, President Trump said, "In a supply shortage, they (major oil companies) are making too much money," and added, "I don't like that." He noted that while he is more than anyone an advocate for corporate freedom, ExxonMobil and Chevron are making excessive amounts of money. He then strongly pressed the corporations by saying they should return some of those profits to the public and that it would be good to cut retail prices. He also offered a projection that international oil prices would fall sharply once the armed conflict with Iran ends.
Major U.S. oil corporations posted record results thanks to soaring international oil prices after the war that began when the United States and Israel struck Iran in Feb. The combined net profit earned by ExxonMobil and Chevron in the second quarter this year reached $29 billion (about 41.5 trillion won). Chevron recorded $12.2 billion, five times the figure from a year earlier, while ExxonMobil also took in $14.5 billion, double the amount.
On the strength of these solid results, Chevron decided to pay most employees a special bonus equal to half a month's base salary. Chevron Chief Executive Officer (CEO) Mike Wirth said in an internal email, "Results like these in an exceptional year are not ordinary," and encouraged employees by saying, "They are the outcome of exceptional efforts in an exceptional situation." It is seen as crediting the surge in refining margins and the company's safe operations amid geopolitical crises.
President Trump vented his displeasure over the situation by aiming directly at Wirth, the CEO. On the social media platform Truth Social, he criticized, "CEO Wirth is failing to properly acknowledge that he succeeded thanks to the Trump administration's policies." Trump pointed out that Chevron, which had withdrawn from Venezuela in the past, resumed operations and has been amassing vast wealth. He raised his voice, saying, "Without the Trump administration's insight and stability, the oil industry and the nation would have been dead," and, "Lower consumer fuel prices right now."
Trump's moves are seen as an attempt to ease the political burden from inflation ahead of the midterm elections in Nov. The average retail price of gasoline in the United States has jumped more than 30% since the Iran war began, soaring past $4 per gallon. With household finances taking a direct hit while oil corporations accumulate vast wealth, the prevailing analysis is that he is trying to soothe public anger by making them the scapegoat.
By contrast, the American Petroleum Institute said, "Today's high oil prices are not because of individual corporations but due to global supply and demand and uncertainty in the Strait of Hormuz," drawing a line against White House–led pressure for artificial price controls.