Chevron CEO scolds Trump for demanding lower gas prices
On Monday, President Donald Trump called again on oil companies to lower the price of gasoline for U.S. customers. He criticized Chevron CEO Mike Wirth for failing to credit his administration's efforts in helping the oil industry.
Trump attacked Wirth after he was interviewed by Maria Bartiromo on Fox News' "Sunday morning Futures" program. "He conveniently forgot that without the genius and foresight of the TRUMP Administration the Oil Industry would be dead, as well as our Country." Trump wrote on his Truth Social platform. "As an illustration, they threw Mike & Chevron out Venezuela but now they are back, much?bigger & stronger than before, expecting a fortune!"
Oil prices are dropping, now! Oil prices must drop NOW! Trump wrote.
Chevron didn't immediately respond to an inquiry for comment.
Oil producer operates in Venezuela since more than a hundred years. Chevron was still in Venezuela when the former president Hugo Chavez nationalized all oil projects in 2007. ExxonMobil, ConocoPhillips and others decided to leave Venezuela. The rising gas prices, a result of the Iran War and concerns about cost of living, pose a risk to Trump's political future ahead of the November midterm elections.
The global oil price?decreased after Trump canceled a planned'massive strike' on Iran at the weekend. However, prices at the pump did not necessarily follow suit.
ExxonMobil's, Chevron's, Valero Energy's and Marathon Petroleum's earnings last week showed the boost U.S. companies received after the war started in February, when crude prices rose and margins for refining increased. Valero posted its biggest quarterly 'profit' since the 2022 Energy Crisis triggered by Russia invading Ukraine. Chevron reported its highest quarterly earnings for at least six-years.
(source: Reuters)
