Retired Gen. Jack Keane analyzes the sharp drop in crude oil costs after President Donald Trump paused navy strikes in opposition to Iran. Keane explains how market volatility reacted to the administration’s push for diplomatic talks.
President Donald Trump lashed out on the U.S. oil business on Monday, arguing that the nation’s largest firms ought to give a few of their sharply larger income to the American public.
“I do not prefer it,” Trump informed reporters within the Oval Workplace when requested in regards to the large earnings reported by ExxonMobil and Chevron final week through the struggle with Iran.
“They’re making an excessive amount of cash, okay, based mostly on a scarcity,” he continued.
“I don’t prefer it, and I needs to be the final one to say it as a result of I’m an enormous free enterprise man,” he stated earlier than including: “No one greater.”
ExxonMobil had reported incomes $14.5 billion within the second quarter of 2026 — double what it made throughout the identical interval final 12 months.
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Oil tanker at a port within the Strait of Hormuz. (Giuseppe Cacace/AFP by way of Getty Photographs / Getty Photographs)
Chevron pulled in $12 billion, posting its highest quarterly earnings in at the least six years, based on Reuters.
“Chevron, an excessive amount of cash. ExxonMobil, an excessive amount of. An excessive amount of cash,” Trump continued.
“Whenever you have a look at one firm the place they made 12 instances what they made the 12 months earlier than, they ought to offer a few of that again to the general public, they usually higher reduce the retail worth, the patron worth,” Trump added.
“I’ll say it loud and clear. I’m not completely happy about it,” Trump stated earlier than stating that gasoline costs would “drop by way of the ground” when the struggle with Iran ended.
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Chevron pulled in $12 billion, posting its highest quarterly earnings in at the least six years, based on Reuters. (Brandon Bell/Getty Photographs / Getty Photographs)
The 2 units of earnings got here because the Iran struggle pushed oil costs above $100 a barrel at instances.
Oil costs fell once more Monday as indicators emerged that U.S.-Iran tensions have been easing, Reuters reported.
“The sharp drop in oil costs, on account of Trump’s cancellation of extreme assaults in opposition to Iran and hopes of a diplomatic decision, set the ball rolling this morning,” Peter Cardillo, chief market economist at Spartan Capital Securities in New York, informed Reuters.
Earlier Monday, Trump additionally criticized Chevron CEO Mike Wirth for not crediting Washington’s efforts to assist the oil business.
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ExxonMobil had reported incomes $14.5 billion within the second quarter of 2026 — double what it made throughout the identical interval final 12 months. (Sheldon Cooper/SOPA Photographs/LightRocket by way of Getty Photographs / Getty Photographs)
The feedback got here after Wirth’s look on “Sunday Morning Futures with Maria Bartiromo.”
“The one factor he conveniently forgot to say is that, with out the genius, foresight, power, and stability of the TRUMP Administration, the Oil Business, and our Nation itself, can be DEAD!” Trump stated in a put up on Reality Social.
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“For instance, they threw Mike and Chevron out of Venezuela, however now they’re again, far greater and stronger than ever earlier than, anticipating to make a fortune!” he added.
