President Donald Trump demanded that U.S. oil companies immediately lower gasoline prices on Monday after crude futures plunged following his decision to suspend another planned military strike on Iran. In a Truth Social post, Trump instructed producers to \u201cget your consumer (retail!) Oil Prices DOWN, NOW!\u201d<\/p>\n
Trump singled out Chevron CEO Mike Wirth after the executive appeared on television discussing the company\u2019s business. Trump said Wirth failed to acknowledge the administration\u2019s role in restoring Chevron\u2019s position in Venezuela. \u201cThey threw Mike and Chevron out of Venezuela, but now they\u2019re back, far bigger and stronger than ever before, expecting to make a fortune,\u201d Trump wrote.<\/p>\n
Chevron resumed operations in Venezuela after the Trump administration reopened access to the country\u2019s oil sector and placed exports under U.S. control. American refiners have since become some of the largest buyers of Venezuelan crude<\/a>, restoring a market that had largely disappeared under previous sanctions.<\/p>\n Back in the U.S., amid a backlash over prices at the pump, the national average price of regular gasoline stood at about $3.29 per gallon on Monday, according to AAA, down only modestly from last week\u2019s highs despite crude prices falling more than 6% in a single session. Retail fuel prices typically lag changes in oil markets because stations continue selling inventory purchased at earlier wholesale prices.<\/p>\n Monday\u2019s demand follows two earlier interventions<\/a> by Trump. In June, he called on the Justice Department to investigate gasoline prices<\/a> after crude retreated from earlier highs. Days later he urged fuel retailers to lower pump prices toward $2.50 per gallon, warning companies that failed to respond would face \u201cbig problems.\u201d<\/p>\n West Texas Intermediate crude fell more than 6%<\/a> on Monday, and Brent crude<\/a> lost more than 5% after Trump announced a new round of negotiations with Iran and canceled what he described as a planned \u201cmassive\u201d military strike. Retail gasoline prices typically adjust more slowly because refiners, wholesalers and retailers continue selling fuel purchased at earlier crude prices.<\/p>\n