Trump slams big oil over skyrocketing profits amid Iran war

Donald Trump is taking aim at America’s biggest oil companies, accusing them of making ‘too much money’ as the Iran war drives energy prices higher.

Oil giants have reported astronomical profits for the last quarter, with the world’s big five oil giants making $48 billion in just three months.

Just months ago, Trump was happy that the Iran war was pushing up energy prices saying on X ‘when oil prices go up, we make a lot of money’.

But higher prices are now hitting American drivers at the pump, prompting the US President to change his tune.

Environmental groups are calling for a windfall tax on oil companies, arguing that the additional revenue could be returned to consumers.

With the Iran war continuing and fuel costs squeezing household budgets, rising gas prices could be a potential political issue for Trump and his Republican party ahead of November’s midterm elections.

Joining Enda Brady for this discussion:

Vicky Pryce

Economist

Malcolm Grimston

Honorary Senior Research Fellow at Imperial College London

Matthew Agarwala

Economist and Bennett Chair of Sustainable Finance

Tom Seng

Assistant Professor of Professional Practice in Energy Finance

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