ExxonMobil and Chevron's Q2 profits are expected to reach $24.7 billion, as Trump puts pressure on the energy industry

Driven by the situation in the Middle East and rising energy prices, ExxonMobil and Chevron's net profits for the second quarter are expected to reach $15 billion and $9.7 billion, respectively, totaling approximately $24.7 billion, both of which are more than three times higher than the previous quarter. Refining companies such as Marathon Petroleum and Valero Energy are expected to achieve a new high in profitability in recent years. Faced with high gasoline and diesel prices, US President Trump has demanded retailers to lower fuel prices and instructed the US Department of Justice to investigate whether oil companies have engaged in price gouging behavior.