Trump Demands Lower Gas Prices from US Oil Companies
US President Donald Trump has called on oil companies to lower gasoline prices for American consumers, specifically targeting Chevron CEO Mike Wirth. In a social media post, Trump accused Wirth of failing to credit his administration's efforts in helping the oil industry, including creating a market in Venezuela.
The president's statement comes as higher gas prices pose a political risk to his Republican Party ahead of November's midterm elections. Despite global oil prices plunging after Trump called off a planned 'massive attack' on Iran over the weekend, prices at the gas pump do not necessarily follow suit.
Oil companies such as Exxon Mobil and Chevron have seen a boost in profits due to higher crude prices and refining margins after the Iran conflict. Valero reported its strongest quarterly profit since the 2022 energy crisis triggered by Russia's invasion of Ukraine, while Chevron posted its highest quarterly earnings in six years.