United States President Donald Trump has criticized the country's largest oil and gas companies as Houston-based Chevron reported record earnings, even as American consumers face soaring petrol prices.

Trump expressed his disapproval on Monday, stating, “I don’t like it,” in reference to the blockbuster second-quarter earnings. His ongoing conflict with Iran has contributed to elevated oil prices for several months.

Chevron's adjusted earnings per share reached $6.06, totaling $12 billion. This surge is linked to tensions between the US and Iran, which have strained global oil supply chains, particularly in the strategically vital Strait of Hormuz, a key transit route for about one-fifth of the world’s energy supply before the conflict.

On Thursday, Valero Energy also reported its highest-ever second-quarter profit, with net income of $3.7 billion, benefiting from disruptions in Middle Eastern oil production.

According to the American Automobile Association (AAA), the average price for a gallon of petrol stands at $4.09, slightly down from $4.11 last week but up from $3.82 a month ago. The Department of Energy reported that petrol reserves have dropped to their lowest level since 1983.

Low-income US households are disproportionately affected, spending more than 10 percent of their monthly income on petrol as prices rise.

A Washington Post/Ipsos poll conducted last month found that 54 percent of respondents identified high prices and the economy as chief concerns heading into November.

Sources