Big Oil's Windfall Earnings Threaten to Reignite Trump's Price-Gouging Push

AI Summary

Chevron and Exxon are expected to report their best quarterly earnings since 2022, driven by tighter oil and gas supply due to the conflict initiated by the US and Israel against Iran. Rising oil prices could pose political challenges for former President Trump, who has criticized Big Oil for high pump prices.

Chevron and Exxon are expected to report their best quarter since 2022 this month, as the war that the United States and Israel started against Iran on February 28 drove much tighter oil and gas supply. This could be a problem for President Trump who has already slammed Big Oil for keeping prices at the pump too high. The two biggest American oil companies are reporting second-quarter results at the end of this month and, according to Reuters, will book the best quarter since 2022, when Western sanctions on Russia following its incursion into Ukraine…