Trump calls on US companies to lower gasoline prices, “Oil Prices Down, NOW!”
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!”
President Donald Trump has asked U.S. oil companies to immediately reduce gasoline prices following a drop in crude futures, prompted by his decision to stop a planned military strike on Iran. In a social media post, Trump urged producers to "get your consumer (retail!) Oil Prices DOWN, NOW!" He particularly criticized Chevron CEO Mike Wirth for not recognizing the administration's role in helping Chevron regain its position in Venezuela.
Trump noted that Chevron had returned to Venezuela, which was a significant boost for the company's business. US refiners have become major buyers of Venezuelan crude, re-establishing a market that had been largely inactive due to previous sanctions. Currently, the national average price of regular gasoline in the US is around US$4.09 per gallon, according to AAA, which is slightly lower than last week's peak despite a 6% increase in crude prices.
Gasoline prices often lag changes in oil markets since stations continue selling fuel purchased at earlier wholesale prices.
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