Trump Slams Chevron CEO Over Oil Prices
US President Donald Trump has lashed out at Chevron Chairman and CEO Mike Wirth on social media, accusing him of failing to give credit for the oil industry's success during his presidency. In a post on Truth Social, Trump argued that without the 'genius, foresight, strength, and stability' of his administration, the oil industry would be dead.
Trump pointed to Chevron's return to Venezuela as a direct benefit of his administration's strong-arm foreign policy and pressure campaigns, claiming the company is now set to make a fortune. He demanded immediate relief for everyday consumers, ordering major oil companies to drop retail fuel prices immediately.
Chevron's operations in Venezuela have been subject to shifting geopolitical policies under Trump's presidency. In 2020, the US tightened sanctions on President Nicolas Maduro's regime, severely restricting Chevron's ability to drill or export crude from the country. However, subsequent policy shifts allowed Chevron to resume and expand joint-venture operations with Venezuela's state oil company, PDVSA.
The closure of the Strait of Hormuz has contributed to a sharp rise in US gasoline prices since the war began on February 28. The national average gasoline price in the United States reached $4.10 per gallon on Sunday, according to the American Automobile Association (AAA), more than $1 higher than at the start of the conflict.