Donald Trump told Chevron and other oil companies to cut consumer fuel prices now, escalating his public pressure campaign on Monday. The dispute lands while oil prices have eased, but drivers are still paying through a period of elevated fuel costs linked to the US-Israel war on Iran.
Trump Targets Mike Wirth
Trump criticized Chevron CEO Mike Wirth for not crediting the TRUMP Administration for Chevron’s current performance. He said, “The only thing [Wirth] conveniently forgot to mention is that, without the genius, foresight, strength, and stability of the TRUMP Administration, the Oil Industry, and our Country itself, would be DEAD! As an example, 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!”
Trump followed that with a direct order to the industry: “That goes for other Oil Companies as well… and get your consumer (retail!) Oil Prices DOWN, NOW!” For Chevron, the message is not about production volumes or refining margins alone; it is about retail gasoline prices at the pump, where he wants visible relief for American consumers.
Brent crude at $82.91
Brent crude stood at $82.91 per barrel at 11:59am GMT on Monday, down nearly 18 percent from last month’s peak of $101. Oil prices also fell five percent on Monday after a sharp increase of more than 20 percent in July, leaving the benchmark well below its recent high but still elevated enough to keep fuel costs under pressure.
Petrol prices have surged since February 28, when the US-Israel war on Iran began. That timing matters for Chevron because Trump is tying his complaint to the gap between falling crude and retail prices that have not moved down as quickly for consumers.
Iran, Oman and Chevron
Trump said a deal with Iran is imminent and that new negotiations are set to start. He said the perimeters of a deal would include the immediate, complete, and total opening of the Hormuz Strait and an end to Iran’s nuclear threat.
Esmaeil Baghaei said on Monday that Iranian negotiators are currently only discussing the Strait of Hormuz’s management with Oman, and that there were no talks under way and no planned meetings with the US. For Chevron and other oil companies, that split leaves two pressures in place at once: a White House pushing for lower fuel prices now, and an Iran-related oil market still tied to the flow of cargo through the Strait of Hormuz.
