The U.S. president publicly berated oil firms Monday to cut gas prices after crude prices dropped sharply. On Truth Social, Trump posted, 'get your consumer (retail!) Oil Prices DOWN, NOW!'—a call timed with a 6% slide in crude futures following his decision to suspend a military strike on Iran.
Chevron CEO Mike Wirth found himself in the spotlight. Trump took issue with Wirth’s recent interview, where the executive did not thank the administration for facilitating Chevron’s return to Venezuela. 'They threw Mike and Chevron out of Venezuela, but now they’re back, far bigger and stronger than ever before,' Trump wrote, referring to the company’s restored access to the country’s oil sector.
Since then, U.S. refiners have become the top buyers of Venezuelan crude, a market all but dead under earlier restrictions. This shift has positioned American companies to profit from the region’s oil.
Despite falling crude prices, the national average for regular gasoline remained around $4.09 per gallon, per AAA data. Retail prices lag due to stations continuing to sell fuel bought at higher wholesale rates. Trump’s call echoes two prior interventions in June, including a demand to investigate price gouging and a $2.50 per gallon price floor.
Major U.S. oil companies—Chevron, Exxon Mobil, Valero Energy, and Marathon Petroleum—reported sharp profit gains in Q2, driven by rising crude prices and refining margins amid the Iran conflict. Their financial performance appears at odds with Trump’s public anger over consumer costs.