Trump says oil firms profit too much from Iran war

US President Donald Trump said major oil companies were making “too much money” from high prices linked to shortages caused by the Iran war, and called on them to cut prices for consumers.

“I don't like it. They're making too much money, okay? Based on a shortage, they're making too much money,” Trump told journalists at the White House on Monday.

Trump said he was “not happy about it” and added: “They ought to give some of that back to the public, and they better cut the retail price, the consumer price.”

The average price of a gallon of regular gasoline in the United States is reported to be up more than 37 percent since the start of the war, which the United States and Israel launched against Iran in late February.

The war has seen Iranian retaliatory action target US allies in the Gulf and almost block the Strait of Hormuz, pushing up energy prices.

ExxonMobil and Chevron reported large second-quarter profits on Friday. ExxonMobil's profits more than doubled to $14.5 billion, while Chevron's came in at $12.1 billion, more than five times the level a year earlier.

High gasoline prices are a political issue for Trump before November midterm elections, when Democrats are seeking to take control of Congress from Republicans. Trump, a supporter of fossil fuel interests, said in June that he was directing the Department of Justice to investigate any industry “gouging.”