As a result of the Iran conflict and U.S. actions in Panama and Venezuela, American control over global oil supplies has expanded significantly, while the power of Iran, Russia, and China has declined.Most major US oil companies are now scaling back capital spending and US production while reaping the rewards of higher global oil prices resulting from the war in Iran, despite continued pressure from the White House to lower prices and give back to the country.Chevron, ConocoPhillips, and other oil giant executives are taking windfall profits and “price-gouging” Americans while cutting capital expenditures across the US to enrich themselves and their shareholders, a move that a White House official says could jeopardize national security.Meanwhile, Exxon Mobil has increased output by over 12% to 1.8 million barrels per day, with plans to increase US production by an additional 40% by 2030, Bloomberg reports. Likewise, Diamondback Energy Inc. plans to increase capital spending and output in response to higher oil prices.Chevron and ConocoPhillips cut their US capital spending by 10%, and Occidental Petroleum Corp. cut spending in the Permian Basin of Texas by 20% in the first six months of the year. APA Corp., Matador Resources Co., and HighPeak Energy Inc. will also spend far less on drilling and fracking in the US than last year, Bloomberg notes.“Chevron and Conoco are inflating their stock prices and price-gouging Americans. Iran is using energy prices as its sole point of leverage, and American oil companies are strengthening their hand,” the White House official told The Gateway Pundit.“Exxon is taking the opposite approach and investing in production, which proves Chevron and Conoco are choosing to enrich themselves at the expense of American consumers and our national security.”President Trump has weighed in numerous times. In June, Trump called on American oil companies and retailers to lower prices, even threatening a Department of Justice investigation into price gouging after the US–Iran memorandum of understanding was signed and oil prices hovered around $70/barrel, roughly the same price as before the war started in February.“The Retailers must quickly react to this statement, and do what they know is right — DROP YOUR PRICE FOR OUR GREAT AMERICAN PEOPLE! There will be no gouging, which is totally illegal,” Trump said in a statement.Trump also called out Chevron CEO Mike Wirth in a recent Truth Social post, slamming him for refusing to acknowledge that the Trump Administration’s energy policies have made the company “far bigger and stronger than ever before,” and again calling on oil companies to lower their prices for American consumers.Mike Wirth, Chairman and CEO of Chevron, just gave, in an interview with the fabulous Maria Bartiromo, all of the reasons that his company is doing so well. The only thing he conveniently forgot to mention is that, without the genius, foresight, strength, and stability, of the TRUMP Administration, the Oil Industry, and our Country itself, would be DEAD! As an example, they threw Mike and Chevron out of Venezuela, but now they’re back, far bigger and stronger than ever before, expecting to make a fortune! That goes for other Oil Companies as well…and get your consumer (retail!) Oil Prices DOWN, NOW! Thank you for your attention to this matter. President DJTTrump told reporters at the White House earlier this month, “They’re making too much money based on a shortage.” He further called on the companies to “give some of that back to the public,” adding, “they better cut the retail price, the consumer price.”The post US Oil Spending Sinks While Producers Take Profits From Iran War but Cut US Production as Trump Administration Accuses Companies of Price Gouging appeared first on The Gateway Pundit.