US President Donald Trump on Monday (August 3) renewed pressure on oil companies to lower gasoline prices for American consumers, publicly calling out Chevron CEO Mike Wirth while claiming his administration had revived the US energy industry.
In a post on Truth Social, Trump criticized Wirth for highlighting Chevron’s strong performance in a television interview without acknowledging what he described as the administration’s role in the industry’s success.
“Mike Wirth, Chairman and CEO of Chevron, just gave… 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!” Trump wrote.
He also pointed to Chevron’s renewed operations in Venezuela as an example of what he described as the administration’s achievements.
“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!” Trump added.
Gasoline prices remain a political issue
Trump’s latest appeal comes as gasoline prices and broader cost-of-living concerns remain politically sensitive ahead of the November midterm elections. Republicans face the prospect of losing their majority in the House of Representatives and potentially control of the Senate, making fuel prices a key economic issue for voters.
Although global crude oil prices fell sharply after Trump postponed a planned military strike on Iran over the weekend in pursuit of a diplomatic agreement, lower crude prices do not immediately translate into cheaper gasoline at retail pumps.
Fuel prices typically adjust more gradually, depending on refinery costs, distribution expenses, taxes and local market conditions.
Oil companies benefit from higher crude prices
Trump’s comments also follow a strong earnings season for major US energy companies.
Chevron, Exxon Mobil, Valero Energy and Marathon Petroleum all reported results last week that reflected higher profits driven by elevated crude oil prices and stronger refining margins.
The gains came after renewed tensions between the United States and Iran pushed oil prices higher in recent weeks, boosting revenues for producers and refiners even as consumers faced higher fuel costs.
DOJ probe into gasoline pricing
The latest comments build on Trump’s earlier actions against the industry.
On June 24, Trump said he had instructed the Department of Justice to investigate whether major oil companies were overcharging consumers by keeping gasoline prices elevated despite declining crude oil costs.
The White House later released a video in which Trump specifically named Exxon Mobil and Chevron as companies that should be examined.
“Oil prices have come down so much and we are not seeing anything at the pump,” Trump said.
He accused oil companies of “gouging” consumers, arguing that pump prices were not falling in line with the sharp decline in crude prices.
“The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil,” Trump wrote previously on Truth Social. “Customers are being ‘gouged.'”
Oil prices tumble after Iran attack pause
Trump’s latest appeal came as global crude prices posted sharp losses.
Brent crude futures fell more than $4 a barrel to around $83 per barrel, while US West Texas Intermediate crude dropped to about $79 per barrel after Trump postponed a planned military strike on Iran in hopes of reaching a diplomatic agreement.
The decline followed weeks of heightened volatility during renewed US-Iran tensions. Oil prices had surged more than 20% last month after fighting resumed and attacks on commercial tankers near Oman disrupted shipping through the Gulf.
Iran, however, denied that any negotiations with Washington were underway, contradicting Trump’s assertion that talks could avert military action.
