US Oil Companies See Big Profit Jump, Gird for Clash Over Pump Prices With Trump

By Jarrett Renshaw and Sheila Dang

July 3 (Reuters) – U.S. oil companies are set to report their strongest quarterly profits in years, courting a possible clash with President Donald Trump, who has been pressing his longtime ally Big Oil to bring down gasoline prices before midterm elections in November.

After months of Americans complaining about pain at the pump, Exxon Mobil XOM.Nand Chevron CVX.Nare expected to report second-quarter earnings in the coming weeks that are more than triple first-quarter levels. Oil prices spiked after the U.S.-Israeli war on Iran began in late February and global fuel supplies tightened.

Oil companies’