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00:02U.S. oil companies are expected to report their strongest quarterly profits since
00:072022, according to Reuters. The gains potentially complicating their relationship with President
00:13Trump as he pressures the industry to lower gasoline prices before the November midterm
00:18elections. ExxonMobil and Chevron are forecast to report second quarter earnings that are more
00:23than triple first quarter levels, helped by higher oil prices, tight fuel supplies,
00:28and stronger refining margins after the U.S.-Israeli war on Iran began in late February.
00:34Trump wants the national average gasoline price to fall to about $2.50 a gallon,
00:40down from roughly $3.85 and below the lowest level of his current presidency.
00:45U.S. gasoline prices remain about 22% above pre-war levels, even after crude prices
00:51returned to pre-war levels, with analysts citing tight fuel markets and low inventories.
00:56For all things money, visit Benzinga.com.
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