U.S. Oil Giant Q2 Profit May Surge to $24.7 Billion as Trump Pressures High Oil Prices

BlockBeats News, July 9th. Driven by the escalation of the Middle East situation and the rise in energy prices, ExxonMobil and Chevron are expected to achieve a second-quarter net profit of $15 billion and $9.7 billion respectively, totaling approximately $24.7 billion, more than three times higher than the previous quarter. At the same time, refining companies such as Marathon Petroleum and Valero Energy are also expected to achieve near-year-high profits.

Facing the persistently high gasoline and diesel prices, Trump has recently continued to pressure the energy industry to lower fuel prices, and has instructed the U.S. Department of Justice to investigate whether oil companies are engaged in price gouging.

Analysts believe that as the midterm elections approach, the high oil prices are continuously pushing up U.S. inflation pressure, and the power play between the Trump administration and the oil giants may escalate further.