Trump demands lower fuel prices as Chevron posts record earnings amid Iran conflict
US President Donald Trump has again demanded that oil companies lower gasoline prices for American consumers, slamming Chevron for not crediting his administration’s work to assist the oil industry. The remarks came as Chevron reported record earnings and as petrol prices have surged since the US-Israel war on Iran.
Trump’s comments on Monday were triggered by a recent interview Chevron CEO Mike Wirth gave on the Fox News programme Sunday Morning Futures with Maria Bartiromo. Writing on his Truth Social platform, Trump berated Wirth for not acknowledging his administration’s efforts. “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.
“Chevron, too much money. ExxonMobil, too much. Too much money,” Trump told reporters, adding that oil companies should “get your consumer (retail!) Oil Prices DOWN, NOW!”
Chevron reported its highest quarterly profits in six years on Friday, with adjusted earnings per share of $6.06, or $12bn. The company’s strong performance comes as tensions between the US and Iran strained global oil supply chains in the strategically vital Strait of Hormuz, where roughly one-fifth of the world’s energy supply travelled through before the war, sending prices soaring.
ExxonMobil also posted its best quarterly profits in four years, and Valero Energy reported its highest ever second-quarter profit, according to the same reports. The average price for a gallon of petrol in the US has reached $4.09, a level that has drawn criticism from economists who dispute Trump’s assertions that fuel prices would “come down like a rock” after the conflict with Iran ends.
Lower-income earners are hit much harder by high petrol prices, with more than 10 percent of households spending more than 10 percent of their monthly income on petrol. The US Strategic Petroleum Reserve has also hit its lowest level since 1983, according to reports.
Chevron rewarded its employees for their work, with Wirth saying in an email that most workers would receive a bonus equivalent to half their monthly base pay. Reuters reported the internal email, but Al Jazeera has not been able to independently confirm its contents.
Trump’s demand for lower petrol prices comes as he faces criticism for launching the war on Iran and for its impact on costs for millions of Americans, with November’s midterm elections drawing closer. Economists predict longer-term economic repercussions due to the conflict, even as Trump has said the US and Israel agreed to halt new attacks on Iran provided a deal to end the months-long conflict is reached “rapidly.” The region remains on edge, fearing the fighting could escalate once again.