Gov. Jay Robert ‘JB’ Pritzker (D-IL) has demanded that oil companies like Chevron Corp. (NYSE:CVX), ExxonMobil Holdings Corp. (NYSE:XOM), ConocoPhillips (NYSE:COP) and others commit to returning Iran war-induced profits to consumers.
‘Paying the Price’ for Trump’s Iran War
In a post on X, Pritzker said that Illinois residents were “paying the price for Trump’s war in Iran” while oil executives were reporting record profits. “I sent a letter to executives at the nation’s largest oil companies and demanded they give the people their money back,” he said.
The letter, dated August 5, was sent to executives from various oil companies. Pritzker called for oil companies to commit to returning “windfall profits” to consumers in the state via “price reductions at the pump, direct refunds, or other means,” adding that oil companies must also provide transparent data about profits and margins in Illinois.
“Illinoisans have a right to know how your companies are profiting from this conflict, how much of those outsized profits Illinois families are being made to pay, and what steps you will now take to provide them with relief at the pump,” the Governor said.
He also demanded to know how the CEOs and executives of oil companies were compensated after the Iran war windfall. “Show that your senior leadership has not unfairly benefited from profiteering by providing the total compensation of the company’s five most highly compensated executives,” he said.
Trump Demands Lower Prices
Amid record profits for oil companies, President Donald Trump warned oil companies to get prices at the pump down. “I don’t like it,” he said. “They’re making too much money, based on the shortage,” Trump added. Sen. Chuck Schumer (D-NY) also criticized high prices and record profits for oil companies.
Meanwhile, Gov. Gavin Newsom (D-CA) had earlier criticized Trump’s claims about the Strait of Hormuz being open, saying that the waterway remained closed.
Iran Demands Concessions
Uncertainty continues to loom over the Strait of Hormuz as Iran has demanded the U.S. compensate Tehran for damages sustained during attacks, as well as demanded sanctions relief to reopen the Strait of Hormuz.
GasBuddy analyst Patrick De Haan said that Iran’s demands could cast doubt on the waterway’s reopening and lead to heightened prices at the pump for ordinary Americans.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Photo courtesy: Shutterstock
Recent Comments