U.S. President Donald Trump yesterday accused ExxonMobil and Chevron – two of the main players in Guyana’s Stabroek Block – of making “too much money” off higher fuel prices and said they should “give some of that back to the public”.
“I don’t like it,” Reuters reported that Trump told reporters, three days after the companies reported blowout second-quarter earnings as the ongoing war in Iran keeps oil prices high. “Chevron, too much money. ExxonMobil, too much. Too much money.”
Earlier yesterday, Trump called out Chevron Chief Executive Mike Wirth’s appearance on the Fox News program “Sunday Morning Futures with Maria Bartiromo” for not crediting his administration’s efforts to help the oil industry.
“The only thing he conveniently forgot to mention is that, without the genius, foresight, strength, and stability, of the TRUMP Administration, the Oil Industry, and our Country itself, would be DEAD!” Trump wrote on his Truth Social platform, according to Reuters. “As an example, they threw Mike and Chevron out of Venezuela, but now they’re back, far bigger and stronger than ever before, expecting to make a fortune!”
A spokesperson for the American Petroleum Institute, a trade organization representing U.S. oil firms, said, “Today’s higher prices are driven by global supply, demand and continued uncertainty around the Strait of Hormuz and other critical shipping lanes — not by any one company.”
“They better cut the retail price, the consumer price,” Trump told reporters yesterday, adding that oil prices would “drop through the floor” when the conflict with Iran ends.
Guyana’s oil has become significant contributor to ExxonMobil’s bottom line.
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