Trump demands lower petrol prices after oil plunge

President Donald Trump has instructed oil companies to immediately decrease retail petrol prices following a sharp decline in crude oil futures, which occurred after his decision to halt a planned military strike on Iran. Trump's demand was made on Monday via a post on his Truth Social platform. "Get your consumer (retail) oil prices DOWN, NOW!" he wrote.

Crude oil prices plummeted to $83.62 per barrel on Monday, having surged to $100 earlier amid escalating tensions between Iran and the United States. Addressing Chevron CEO Mike Wirth, Trump criticized the executive for not acknowledging the administration's role in restoring Chevron's position in Venezuela. He stated, "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."

According to Oilprice.com, Chevron has resumed operations in Venezuela after the Trump administration reopened access to the country's oil sector, placing exports under U.S. control. Consequently, American refiners have become significant buyers of Venezuelan crude, reestablishing a market that had largely vanished under prior sanctions.

Despite the substantial fall in crude oil prices, the national average price of regular petrol in the United States remained around $3.29 per gallon on Monday, according to AAA. The price had only slightly decreased from last week's highs, even though crude prices had dropped by more than six percent in a single session.

This latest demand from Trump follows two previous interventions on petrol prices. In June, he called for the Justice Department to investigate petrol prices following a decline from earlier highs. Days later, he urged fuel retailers to reduce pump prices to around $2.50 per gallon, warning that companies failing to comply would face "big problems."