The world's five oil supermajors posted a $48 billion profit in the second quarter, fueled by higher fossil fuel prices amid U.S.-Iran hostilities. The earnings have sparked political backlash and calls for windfall taxes.
Donald Trump criticized oil companies for making 'too much money' from the Iran war, prompting environmentalists and advocates to urge him to support a windfall profits tax.
Britain's BP reported a Q2 underlying replacement cost profit of $5.7 billion, beating analyst expectations of $5 billion, as high fossil fuel prices driven by the Middle East conflict boost major oil companies.
US Treasury Secretary Scott Bessent and former President Donald Trump have urged oil and gas companies to lower prices, with Trump demanding prices target $2.50 a gallon. Bessent cited record profits and the upcoming 250th anniversary of the US founding as reasons for companies to act.
Chevron CFO Eimear Bonner anticipates a decline in US gasoline prices as the Middle East situation normalizes, despite President Trump's investigation into oil majors for alleged price gouging. Bonner stated a lag exists between crude price drops and pump prices, emphasizing efforts to optimize production.
Donald Trump has instructed the US Department of Justice to investigate oil companies for alleged price gouging, accusing them of not adequately lowering gas prices despite a sharp decline in crude oil costs following a US-Iran ceasefire and the reopening of the Strait of Hormuz.
Chevron CFO Eimear Bonner expects U.S. gasoline prices to fall as the Middle East normalizes, responding to President Trump's accusation of "gouging" and a DOJ investigation into oil majors for high fuel costs despite declining crude prices.
President Trump has instructed the DOJ to investigate major oil companies for allegedly "gouging" consumers by not lowering gas prices commensurate with falling crude oil costs. Meanwhile, Meta is developing a prediction markets app using a points system, not real money.
La crisi di Hormuz mette in discussione il ruolo del petrolio, ma il trend delle energie verdi era già in corso. E la guerra sulle fonti green per Trump è contro la Cina
NatWest chair Rick Haythornthwaite faced investor backlash at the bank's annual shareholder meeting in Edinburgh, which was temporarily suspended after Extinction Rebellion protesters interrupted with a song to the tune of Frère Jacques. Shareholders criticized the bank's recent decision to drop a commitment not to lend to oil and gas companies lacking credible transition plans. The Church of England pension board voted against Haythornthwaite's re-election, while Share Action representing $1.4tn in assets called for a meeting within three months. Haythornthwaite was re-elected with 92% support — the lowest approval among 25 resolutions — and defended the policy changes as a "pragmatic middle road". Union representatives also raised concerns about executive pay versus staff wages.
