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Trump blasts ExxonMobil, Chevron for making “too much money” during war, says companies should lower prices
(Kaieteur News) – Oil prices have jumped up from about $70 a barrel at the beginning of this year to as high as $118 per barrel, more than doubling the cost of the commodity, causing fuel prices and other items to skyrocket while big oil enjoys the jackpot.
President Donald Trump who is accused of starting the war in Iran which has resulted in the doubling of oil prices on Monday told reporters he was “not happy” with companies such as ExxonMobil and Chevron, two American firms benefitting off the conflict. He said they were “making too much money”.
President Donald Trump (Getty Images)
The American President said, “They’re making too much money based on a shortage. They’re making too much money, I don’t like it and I should be the last one to say it cause I’m a big free enterprise guy.”
Trump cautioned that oil prices will drop once his country was “finished with Iran”.
In the meantime, he said, “Chevron too much money, ExxonMobil too much…they got to give some of that back to the public and they better cut the retail price, the consumer price…I’m not happy about it.”
ExxonMobil is the operator of Guyana’s oil rich Stabroek Block while Chevron recently became a shareholder through its acquisition of Hess Corporation.
Both firms reported windfall profits for the second quarter.
According to an analysis by CNBC, Chevron’s earnings soared nearly 400% to $12 billion compared with $2.5 billion in the same period last year. Exxon’s profits more than doubled to $14.5 billion compared with $7.1 billion in the year-ago period.
Oil prices surged since the U.S. and Israel attacked Iran on 28th Feb. It was reported that the state media in Iran confirmed that Supreme Leader Ayatollah Ali Khamenei was killed at his office in the Israeli-U.S. attacks on Iran.
Al Jazeera reported that Iran’s counterattacks triggered air-defence interceptions in several countries where airbases with U.S. assets are hosted, including Kuwait, Qatar, the United Arab Emirates and Bahrain.
More than 1,000 cargo ships, mainly oil and gas tankers, have been blocked from transiting the strait of Hormuz by the Israeli-U.S. war against Iran after Tehran closed the key maritime passage, triggering the largest supply disruption in history.
The strait of Hormuz is the only maritime passage between the Gulf and the Gulf of Oman and the route for about a quarter of the world’s liquefied natural gas and seaborne trade from Gulf countries to reach the global market.
Locally, fuel prices climbed in March from $170 for gasoline to a whopping $228 presently at the state-run Guyana Oil Company (GuyOil). Diesel prices also climbed from $190 to $238 per litre.
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