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Trump Slams Exxon and Chevron for Making ‘Too Much Money’ Amid Soaring Iran War Oil Prices This Week

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Donald Trump said he would announce a 'a major trade deal' with 'a big, and highly respected, country' later in the day

WASHINGTON — President Donald Trump lashed out at ExxonMobil and Chevron on Monday, accusing the two oil giants of making excessive profits from surging crude prices tied to the ongoing conflict with Iran and demanding they lower prices for American consumers.

Speaking to reporters at the White House during an executive order signing, Trump singled out both companies by name over their recently reported second-quarter earnings. “Chevron, too much money. ExxonMobil, too much money,” Trump said, adding that the companies “better cut the retail price, the consumer price” and return some of their profits to the public.

Record profits amid a supply shock

Trump’s comments followed second-quarter earnings reports last week that showed both companies posting sharply higher profits compared with the same period a year earlier. ExxonMobil reported earnings of $14.5 billion for the quarter, roughly double what it earned during the same period last year. Chevron reported $12 billion in quarterly profit, up from $2.5 billion a year earlier, marking a roughly 400% increase and the company’s highest quarterly earnings in at least six years. Combined, the two oil majors posted $26.5 billion in second-quarter earnings.

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“They’re making too much money based on a shortage,” Trump said, framing the profits as a direct consequence of the supply disruption caused by the conflict rather than normal market performance. “I don’t like it.”

Oil prices surge as the Strait of Hormuz remains contested

The earnings windfall for both companies has come amid a dramatic run-up in oil prices since the United States and Israel launched coordinated strikes against Iran on Feb. 28. U.S. crude oil prices have climbed roughly 20% since the conflict began, with oil futures averaging around $92 per barrel from April through June, about 27% higher than the first quarter of the year. Iran has retaliated by attempting to choke off oil exports through the Strait of Hormuz, a critical global shipping corridor, triggering what has been described as the largest supply disruption in the region’s history.

Those higher crude prices have translated directly into pain at the pump for American drivers. Gasoline prices averaged about $4.10 per gallon nationwide on Monday, according to AAA data, nearly 40% higher than the $2.98 per gallon drivers paid on Feb. 27, the day before the war began.

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Trump pressures companies to share profits

Trump was blunt in his demand that the oil companies pass along relief to consumers, drawing a direct comparison between the scale of their profit growth and what he argued they owed the public in return. “When you look at one company, where they made 12 times what they made the year before, they’re going to give some of that back to the public, and they better cut the retail price, the consumer price,” Trump said.

The president acknowledged the apparent tension between his criticism and his broader economic philosophy, noting his general support for free markets even as he pushed the companies to act. “I should be the last one to say it because I’m a big free enterprise guy,” he said, adding, “Nobody bigger.” Still, he made clear his frustration with the current situation. “I’ll say it loud and clear. I’m not happy about it,” Trump said.

A prediction of falling prices ahead

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Despite his criticism of the oil companies’ current profits, Trump expressed optimism that prices would ease significantly once the conflict with Iran concludes, predicting that oil prices would “drop through the floor” when the war ends. His comments came as he separately addressed the state of ongoing negotiations with Iran, describing the current round of talks as Iran’s “last chance” to reach a deal and accusing Iranian leadership of being “unbelievably duplicitous” in recent discussions with Oman over safe navigation routes through the Strait of Hormuz.

Where the profits are going

According to reporting on the companies’ earnings, both ExxonMobil and Chevron directed their windfall profits primarily toward reducing existing debt rather than increasing share buybacks, a detail that stands somewhat apart from the more consumer-focused response Trump has called for. Neither company had issued a public response to Trump’s comments as of Monday, though shares of both companies dipped modestly following his remarks, with Chevron falling nearly 2% and Exxon trading slightly lower.

A politically charged issue

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Trump’s public criticism of the oil industry echoes similar rhetoric used by his predecessor, former President Joe Biden, who also targeted oil companies over their profits during periods when inflation was weighing heavily on American consumers. The political stakes tied to gas prices appear significant for Trump as well: a Quinnipiac University poll found that 54% of voters blame the president “a lot” for the recent rise in gasoline costs, a finding that comes as the administration faces broader scrutiny over its handling of both the Iran conflict and its economic fallout ahead of November’s midterm elections.

Market context

Even as Trump criticized the oil companies’ profits, broader oil markets showed signs of easing Monday, with Brent crude, the international benchmark, falling nearly 5% to around $83 per barrel amid growing optimism that a diplomatic resolution to the Iran conflict may be within reach. That decline came the same day the Dow Jones Industrial Average closed at a record high, driven in part by falling oil prices and a broader rally in technology stocks.

With earnings season for the major oil companies now largely behind investors, attention is likely to shift toward whether Exxon and Chevron respond in any way to Trump’s public pressure, and whether ongoing diplomatic talks between the U.S. and Iran over the Strait of Hormuz produce the kind of resolution the president has suggested could send oil prices sharply lower. Until then, American drivers are likely to continue facing elevated prices at the pump, keeping pressure on both the White House and the oil industry as the conflict’s economic fallout continues to unfold.

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How Investors Can Win The Strait of Hormuz: Oil, Tankers, And Gold

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I have a B.Tech degree in Mechanical Engineering from a top school in India. For nearly twenty five years, I have worked in the oil and gas sector, primarily in the Middle East. I work at the intersection of engineering, operations, and project management in an industry that does not forgive mistakes – so I have learned to be efficient, careful, and disciplined. These traits inform my investment strategy. For much of my professional career, I have maintained a serious and sustained interest in the U.S. equity markets, with a particular focus on technology, energy, and healthcare. I started as a growth investor, taking risks as I saw fit; but today, my investment approach blends elements of both value and growth. I seek to understand the underlying economics of a business, evaluate the durability of its competitive advantage (or “moat”), and assess its ability to generate consistent free cash flow over time. I believe, as Munger puts it, in “sitting on your ass” when holding a high-quality business—allowing time and compounding to do the heavy lifting. My orientation is moderately conservative; I look for upside while minimizing downside. Well, who doesn’t, but as I look towards retirement, I have started emphasizing the latter over the former. As a result, in recent years, I’ve gradually rebalanced toward income-generating assets—dividend-paying equities, REITs, and similar vehicles. I view investing not merely as a pursuit of high returns but something that will also generate peace of mind. I joined Seeking Alpha to both contribute to and learn from a community of thoughtful investors—people who, like me, are interested in the intersection of real-world business fundamentals and intelligent investing. PS – The icon I have used represents something fundamentally important to me – that is, to earn money through investing in ecologically sensitive businesses.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Author Catherine Mayer Defends Meghan Markle Against ‘Witch’ Portrayal in Royal Media Coverage

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Meghan Markle

LONDON — Journalist and author Catherine Mayer has pushed back against what she describes as a pattern of hostile media coverage directed at Meghan Markle, arguing that the Duchess of Sussex has been unfairly cast as a villainous figure in coverage of the British royal family since her 2020 departure from official royal duties.

Mayer, speaking to the Express, said she wrote her latest book partly out of concern that broader lessons from Markle’s experience with the British press have gone unlearned. “My fear is that the world has learned very little indeed from Meghan’s experience and that’s another reason I wrote the book,” Mayer said. She went on to question the intensity of public hostility directed at Markle specifically. “As I say in it, you don’t have to like her or watch her shows, but what on earth has she done to earn the hatred meted out to her?” Mayer said.

Mayer argued that the broader pattern of negative coverage directed at royal women carries consequences that extend well beyond any single individual. “Telling these negative stories about royal women, whipping up hostility towards them, has a long pedigree as my book shows, and it always goes badly not only for the women in question but for all women,” she said.

Drawing a historical parallel, Mayer suggested that some of the narratives constructed around Markle echo centuries-old tropes used to characterize women perceived as threats to established power structures. “It’s a way of promoting reductive views of women as scheming seductresses or witches. In that respect, some stories about Meghan resemble those circulated about Anne Boleyn,” Mayer said, referencing the second wife of King Henry VIII, whose fall from royal favor in the 16th century culminated in her execution on charges that historians have long regarded as largely fabricated.

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Markle and Prince Harry stepped back from their roles as senior working royals in early 2020, relocating first to Canada and later settling in California, where the couple has since built a media and business portfolio spanning documentary projects, podcasts, books and other commercial ventures. Their departure and subsequent public statements about their treatment within the royal institution and by the British press have remained a persistent subject of tabloid coverage and public debate in the years since.

Mayer’s comments arrive amid what has been a particularly active stretch of royal-focused media coverage examining the Sussexes’ ongoing relationship with the wider royal family. Recent reporting has explored a range of related storylines, including speculation about efforts toward reconciliation between Prince Harry and King Charles III ahead of the anniversary of Princess Diana’s death, as well as continued coverage of Prince William’s approach to his relationship with his brother.

The broader media narrative around Markle has remained a subject of significant public disagreement since she and Harry first entered the royal family through their 2018 wedding. Supporters of the couple have frequently pointed to what they characterize as disproportionately negative or racially coded coverage of Markle compared with other royal women, a concern the couple themselves raised directly during their widely watched 2021 interview with Oprah Winfrey. Critics of the couple, meanwhile, have argued that Markle and Harry have themselves contributed to negative public perception through their public criticism of the royal family and through commercial ventures perceived by some as capitalizing on their former royal status.

Mayer’s own background lends particular weight to her commentary on the topic. A veteran journalist and author, she has previously written extensively about the British monarchy, including a biography of King Charles III published prior to his ascension to the throne. Her broader body of work has frequently examined the intersection of gender, media narratives and institutional power, themes she has said inform her latest analysis of the coverage surrounding Markle specifically.

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The comparison Mayer draws to Anne Boleyn carries particular historical resonance within British royal commentary. Boleyn, whose marriage to Henry VIII and subsequent fall from favor remain one of the most extensively studied episodes in English royal history, has long been cited by historians and cultural commentators as an early example of how women perceived as disruptive to established royal or political order have historically been recast in public narratives as manipulative or malevolent figures, regardless of the underlying facts of their circumstances.

Neither Meghan Markle nor representatives for the Duke and Duchess of Sussex have issued a direct public response to Mayer’s specific comments. The couple has generally avoided direct engagement with individual pieces of royal commentary or tabloid coverage, reserving most public statements for their own official announcements regarding their charitable initiatives, media projects and family matters.

Coverage of the British royal family, and particularly of Markle’s ongoing relationship with the institution she and Harry departed in 2020, has continued to generate substantial public interest across both American and British media markets. Outlets covering the royal family regularly feature a wide range of commentary from royal historians, biographers, former palace staff and cultural critics, whose interpretations of the Sussexes’ standing within the royal family and broader public life often diverge sharply from one another, reflecting the deeply polarized nature of public opinion surrounding the couple since their departure from official royal duties.

As speculation continues regarding the future of the relationship between Harry, Markle and the wider royal family, including ongoing questions about potential reconciliation efforts with King Charles, commentary of the kind offered by Mayer is likely to remain a recurring feature of royal media coverage, reflecting broader and unresolved debates about how the British press has historically covered royal women who diverge from more traditional expectations of the institution.

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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