MercoPress. South Atlantic News Agency

Trump calls on US companies to lower gasoline prices, “Oil Prices Down, NOW!”

In the US amid a backlash over prices at the pump, the national average price of regular gasoline stood at about US$4.09 per gallon on Monday, according to AAA.

This Monday President Donald Trump demanded that U.S. oil companies immediately lower gasoline prices after crude futures plunged following his decision to suspend another planned military strike on Iran. In a Truth Social post, Trump instructed producers to “get your consumer (retail!) Oil Prices DOWN, NOW!”

In piece by Charles Kennedy from OilPrice, Trump singled out Chevron CEO Mike Wirth after the executive appeared on television discussing the company’s business. Trump said Wirth failed to acknowledge the administration’s role in restoring Chevron’s position in Venezuela.

“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.

Chevron resumed operations in Venezuela after the Trump administration reopened access to the country’s oil sector and placed exports under U.S. control. US refiners have since become some of the largest buyers of Venezuelan crude, restoring a market that had largely disappeared under previous sanctions.

In the US amid a backlash over prices at the pump, the national average price of regular gasoline stood at about US$4.09 per gallon on Monday, according to AAA, down only modestly from last week’s highs despite crude prices falling more than 6% in a single session.

Retail fuel prices typically lag changes in oil markets because stations continue selling inventory purchased at earlier wholesale prices.

Monday’s demand follows two earlier interventions by Trump in June when he called on the Justice Department to investigate gasoline prices after crude retreated from earlier highs. Days later he urged fuel retailers to lower pump prices toward US$2.50 per gallon, warning companies that failed to respond would face “big problems.”

Retail gasoline prices typically adjust more slowly because refiners, wholesalers and retailers continue selling fuel purchased at earlier crude prices.

Major US oil companies, Chevron, Exxon Mobil, Valero Energy and Marathon Petroleum reported sharply higher second-quarter profits last week as the Iran conflict lifted crude prices and refining margins.