(Investing) – President Donald Trump criticized oil companies on Monday and demanded they reduce gasoline prices for American consumers.
In a Truth Social post, Trump specifically addressed Chevron CEO Mike Wirth for not acknowledging the administration’s support of the oil industry during a television interview.
Trump stated that his administration helped create opportunities for oil companies, including establishing a market in Venezuela. He noted that Chevron returned to Venezuela after being expelled and is now positioned to generate substantial profits. The president extended his message to other oil companies, urging them to lower retail oil prices immediately.
Rising gasoline prices and cost-of-living issues present a political challenge for Trump’s Republican Party before the November midterm elections. The party faces potential loss of its House majority and Senate control.
Global oil prices dropped after Trump canceled a planned attack on Iran over the weekend. Gas pump prices do not always move in tandem with global oil prices.
Recent earnings reports from Exxon Mobil, Chevron, Valero Energy, and Marathon Petroleum showed strong results from higher crude prices and refining margins following the Iran conflict. Valero reported its strongest quarterly profit since the 2022 energy crisis that followed Russia’s invasion of Ukraine. Chevron posted its highest quarterly earnings in six years.
