President Donald Trump demanded immediate reductions in retail fuel prices Monday after crude markets fell, criticizing Chevron’s chief executive for failing to credit administration policies that have benefited U.S. oil producers.
By yourNEWS Media Newsroom
President Donald Trump called on oil companies to lower gasoline prices Monday, arguing that producers benefiting from his administration’s energy and foreign policies should pass those gains along to American motorists.
Trump directed much of his criticism at Chevron Chief Executive Mike Wirth after Wirth discussed conditions facing the oil industry during a television interview. The president accused the executive of overlooking the administration’s role in strengthening domestic producers and restoring Chevron’s position in Venezuela.
“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!” Trump wrote on Truth Social.
Trump pointed to Chevron’s return to Venezuela as an example of the opportunities he said his administration had created for major energy companies.
“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!” Trump wrote.
“That goes for other Oil Companies as well…and get your consumer (retail!) Oil Prices DOWN, NOW!” he added.
The president’s demand came as gasoline prices and other household expenses remain significant concerns for voters ahead of the November midterm elections. Republicans are seeking to preserve their narrow majority in the House and maintain control of the Senate as both parties compete over which can better address the cost of living.
Higher prices at the pump could create political difficulties for the Republican Party even as the administration promotes expanded energy production and other measures intended to reduce costs.
Global crude prices dropped after Trump canceled a planned “massive attack” against Iran over the weekend. The decision reduced immediate fears of a broader military escalation that could threaten oil production or shipping through the Middle East.
A decline in crude oil prices, however, does not always produce an immediate or equivalent reduction in retail gasoline prices. Pump prices are also affected by refinery operations, fuel inventories, distribution costs, regional taxes and the time required for lower crude costs to work through the supply chain.
Major U.S. oil and refining companies recently reported stronger financial results following increases in crude prices and refining margins associated with the conflict involving Iran.
Quarterly earnings released last week by Exxon Mobil, Chevron, Valero Energy and Marathon Petroleum showed that higher oil prices and improved margins had provided a substantial benefit to the industry.
Valero reported its strongest quarterly profit since the 2022 energy crisis that followed Russia’s invasion of Ukraine. Chevron posted its highest quarterly earnings in six years.
Trump’s public demand placed additional pressure on those companies to translate improved profitability and lower global crude prices into relief for consumers at gasoline stations.
The president also framed the issue as one of recognition, contending that oil companies had benefited from the stability, market access and policies provided by his administration without giving the White House sufficient credit.
Chevron’s operations in Venezuela have become central to Trump’s argument. He said the company had previously been forced out of the country but had returned under conditions that could allow it to generate significant profits.
Trump maintained that companies receiving those opportunities should respond by reducing the retail prices paid by Americans.
His remarks came as the administration attempts to balance several priorities affecting energy markets, including domestic production, corporate profitability, the conflict with Iran and the political need to contain consumer costs before the midterm elections.
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