Former President Joe Biden‘s son Hunter Biden and Gov. Gavin Newsom (D-CA) slammed Chevron Corp. (NYSE:CVX) and ExxonMobil Holdings Corp. (NYSE:XOM), accusing the oil giants of profiting from the war in Iran.
Hunter Biden Says Chevron Posted 400% Growth
In a post on the social media platform X on Saturday, Biden shared a screenshot of a news headline reporting that Chevron posted a 400% YoY jump in profits to $12 billion. He also noted that ExxonMobil reported a profit of $14.5 billion. “You paid for all of it at the pump,” Biden said.
“Say what you want about Trump. He’s making something great again. And who’s more deserving than Big Oil,” he added in the post. He then said that in the run-up to the 2024 election, Trump asked oil companies to donate a “billion dollars,” promising companies’ “whole wish list in return,” Biden said. “This morning they collected,” he added.
Gavin Newsom Slams Chevron
Quoting Biden’s post, Newsom’s official Press Office handle slammed Chevron on Saturday. “CHEVRON IS RAKING IN HISTORIC PROFITS WITH BLOOD MONEY THANKS TO TRUMP’S IRAN WAR,” the Press Office said in its post.
It then accused Chevron of “fleecing Californians” for gas that was “no better than” its competitors.” “Remember that next time you fill up!” the Press Office said. The Newsom administration had earlier urged California residents to avoid Chevron pumps.
Notably, the national average gas price declined on Sunday to $4.0960/gallon, according to data from the American Automobile Association (AAA). However, California’s average price of $5.6550/gallon on Sunday was up from Saturday’s $5.6520/gallon average.
Trump Calls Off Iran Strikes Over Possible Deal
President Donald Trump, speaking to the media on board Air Force One, said that the U.S. was calling off a “massive” strike on Iran after Iran, UAE, Qatar and Saudi Arabia told him a deal could be reached. Saudi Arabian Crown Prince Mohammed bin Salman also reportedly urged Trump to de-escalate via a phone call.
Meanwhile, Iranian Foreign Ministry spokesperson Esmaeil Baqaei said that any agreement reached with Oman on a new shipping route for vessels did not mean that the Strait of Hormuz would reopen.
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