Trump demands lower gas prices from oil companies, chides Chevron CEO

Gas prices and rising living costs pose a political threat to US President Donald Trump's Republican Party ahead of the November midterm elections. During a televised interview on Monday, Trump targeted Chevron CEO Mike Wirth, accusing him of not acknowledging his administration's support for the oil industry. In a social media post, Trump criticized Wirth, stating that the oil industry and the country itself would have been "DEAD" without Trump's administration.

He highlighted how Chevron was expelled from Venezuela but has since returned stronger, expecting to profit. Trump demanded that oil companies immediately reduce gas prices, emphasizing the political risk posed by high gas prices for Republicans. Despite a drop in global oil prices following Trump's decision to cancel an attack on Iran, gas pump prices have not followed suit.

Recent earnings reports from Exxon Mobil, Chevron, Valero Energy, and Marathon Petroleum revealed the positive impact of higher crude prices and refining margins on US oil companies. Valero reported its highest quarterly profit since 2022, while Chevron posted its highest earnings in six years.