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Trump says oil companies should cut gas prices after making "too much money"
cbsnews.com • • business
Key Points:
- President Trump urged U.S. oil companies, specifically Chevron and ExxonMobil, to reduce gasoline prices, criticizing them for making excessive profits amid high oil prices linked to the Iran war.
- Brent crude oil prices fell over 4% to around $84 a barrel due to hopes for diplomatic resolution in the Iran conflict, but prices remain significantly above pre-war levels, with U.S. gasoline prices exceeding $4 per gallon.
- A CBS News poll found about half of Americans are financially strained by elevated fuel costs, and 80% believe the Trump administration is not doing enough to lower consumer prices.
- Trump predicted oil prices would sharply drop after the Iran conflict ends and emphasized that oil companies should share their increased profits with consumers by cutting retail prices.
- While oil companies do not directly set U.S. fuel prices, crude oil costs constitute the largest portion (51%) of gasoline prices, with refining and distribution also contributing significantly.
