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President Donald Trump has criticised oil companies for "making too much money" from the global energy market disruption caused by the US-Israeli war on Iran, drawing sharp responses from environmentalists and consumer advocates who are urging him to back a windfall profits tax.

Speaking to reporters at the White House on Monday evening, Trump singled out ExxonMobil and Chevron, which had recently reported bumper quarterly earnings, and said the companies should "give some of that back to the public." "They're making too much money based on a shortage," he said. "I don't like it."

"Chevron: too much money. ExxonMobil: too much money," Trump added. "They're going to give some of that back to the public and they better cut the retail price, the consumer price."

Coverage Comparison

Reports of Trump's comments appear in three separate pieces from The Guardian, each focusing on different aspects of the story. One report highlights the immediate criticism from environmentalists and advocates, while another details the broader impact on American consumers and the proposed windfall tax. A third provides a more detailed look at the energy market disruption, including the sharp rise in crude prices following the strikes.

All three reports agree on the central fact that Trump made the "too much money" remark and that he was responding to oil companies' quarterly earnings. They also concur that Trump's administration has pursued policies seen as favourable to the fossil fuel industry, a point emphasised by his critics.

The reports differ in the level of detail provided on the specific profit figures and the source of the data on consumer costs. One report notes that Chevron's earnings soared nearly 400% to $12bn, while another gives a figure of $12.2bn for Chevron's quarterly profit, described as a fivefold increase. Exxon's profit is consistently reported as $14.5bn.

The tone across the reports ranges from neutral to critical, with some language choices like "price-gouging" and "disaster" appearing in the context of critics' statements.

Key Claims

  • Trump stated that oil companies have made "too much money" from the Iran war, telling reporters that they are profiting from a shortage and should return some of their gains to the public.
  • ExxonMobil and Chevron reported windfall profits for the second quarter. Chevron's earnings soared nearly 400% to $12bn, while Exxon's profits more than doubled to $14.5bn, according to the reports.
  • BP's profits doubled in the last quarter to $5.7bn, as reported by The Guardian.
  • Trump has personally invested in major oil companies, including ExxonMobil and Chevron, as reported by The Guardian.
  • American families have paid more than $78bn more at the pump since the start of the Iran war, according to a Brown University tracker cited in the reports.
  • A recent analysis from Climate Power and the Center for American Progress Action Fund found that Trump's policies cost the average American family $285 more when filling up their cars, as reported by The Guardian.
  • Brent crude prices soared from about $70 a barrel before the first US-Israeli strikes at the end of February to as high as $126 by late April, and were trading at about $85 a barrel at the time of the reports.

Perspectives

Trump administration

President Trump has criticised oil companies for making "too much money" from the Iran war and suggested they should return some profits to the public. He has also personally invested in major oil companies, and his administration has eased dozens of restrictions on fossil fuel expansion, exempted producers from environmental rules, and signed an executive order prioritising the blocking of climate lawsuits against oil majors.

Environmentalists and consumer advocates

Environmentalists and consumer advocates argue that Trump's policies were designed to benefit oil corporations and have enabled price-gouging. They have called on Trump to impose a windfall profits tax, with some noting that he is "right" that oil companies are making too much money, but that his administration's actions do not match his rhetoric.

Oil industry executives

BP chief executive Meg O'Neill acknowledged the pressures on households but noted that the company produces a global commodity and that product prices are linked to the global commodity price.

Lawmakers

Senator Sheldon Whitehouse (D-RI) and Congressman Ro Khanna (D-CA) have proposed taxing big oil's windfall profits from the crisis, with proceeds going to American families paying more for fuel.

Timeline and Context

Brent crude had been trading at about $70 a barrel before the first US-Israeli strikes at the end of February, but by the end of April it had soared as high as $126 and later traded at about $85 a barrel. Trump's comments came just hours before BP reported its profits had doubled in the last quarter to $5.7bn.

In March, Trump had celebrated rising oil prices, saying "when oil prices go up, we make a lot of money" on social media. That month, he also claimed that Iran's shutdown of the Strait of Hormuz "doesn't really affect" the US as much as other countries, though experts have noted that oil prices are influenced by global markets and supply chains.