US President Donald Trump renewed his call for oil companies to lower gasoline prices for American consumers, while criticizing Chevron CEO Mike Wirth for failing to acknowledge his administration’s support for the US oil industry, Reuters reported.
In a post on his Truth Social platform on August 3, Trump said Wirth had deliberately omitted the role of his administration in strengthening the U.S. energy sector.
“The only thing he 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,” Trump wrote.
The president also cited Chevron’s operations in Venezuela, saying the company had been forced out of the country but has since returned under his administration’s policies.
Trump’s remarks came a day after Wirth appeared on Fox News’ Sunday Morning Futures with Maria Bartiromo.
The renewed pressure on fuel prices comes as rising gasoline costs, driven by the conflict with Iran and persistent cost-of-living concerns, pose a political challenge for Trump ahead of the US congressional midterm elections in November, when Republicans are seeking to retain control of both the House of Representatives and the Senate.
Although global oil prices declined after Trump canceled what he described as a “large-scale” planned attack on Iran over the weekend, retail gasoline prices have not necessarily followed the downward trend.
Last week’s earnings from Exxon Mobil, Chevron, Valero Energy, and Marathon Petroleum underscored the financial gains US energy companies have realized from higher crude oil prices and stronger refining margins following the outbreak of the Iran conflict in February.
Valero reported its highest quarterly profit since the 2022 global energy crisis triggered by Russia’s invasion of Ukraine, while Chevron posted its strongest quarterly earnings in at least six years.