Chevron Faces Gas Price Pressure Amid Strong Earnings
Chevron is facing renewed pressure to lower U.S. gasoline prices after President Donald Trump criticized CEO Mike Wirth for not giving his administration sufficient credit for supporting the industry, particularly Chevron's position in Venezuela.
The company's strongest quarterly earnings in six years, driven by higher oil prices and refining margins, have been overshadowed by the presidential remarks.
However, Chevron cannot determine nationwide pump prices on its own, as retail gasoline prices reflect crude-oil costs, taxes, refining profits, distribution expenses, and decisions by individual retailers.
The Energy Information Administration expects lower crude prices to push average gasoline prices down by roughly 41 cents per gallon during the third quarter to just under $3.80.