Trump demands lower gas prices from oil companies, chides Chevron CEO

US President Donald Trump has called on oil companies, including Chevron, to lower gasoline prices, accusing the industry of forgetting the administration's role in helping them recover in countries like Venezuela.

President Donald Trump again called on oil companies to lower gasoline prices for U.S. consumers ‌on Monday, chiding Chevron Chief Executive Mike Wirth for not crediting his administration's efforts to help the oil industry.

Trump took issue with Wirth a day after the CEO was interviewed on the Fox News program "Sunday Morning Futures with Maria ‌Bartiromo." "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 on his Truth Social platform. "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!" "That ⁠goes ​for other Oil Companies as ⁠well ... and get your consumer (retail!) Oil Prices DOWN, NOW!" Trump wrote.

Chevron did not immediately respond to a request for comment. The oil producer ⁠has operated in Venezuela for more than a century. Chevron remained in the country when former President Hugo Chavez nationalized oil ​projects in 2007, while ExxonMobil and ConocoPhillips decided to exit Venezuela. Higher gas prices fueled by the Iran ⁠war and cost-of-living concerns pose a political risk to Trump ahead of November's midterm elections when his fellow Republicans are seeking to retain control ⁠of ​Congress.

Global oil prices plunged after Trump called off a planned "massive attack" on Iran over the weekend, but prices at the gas pump do not necessarily follow suit. Last week's earnings from ExxonMobil, Chevron, Valero Energy and ⁠Marathon Petroleum highlighted the boost U.S. oil companies received from higher crude prices and refining margins after the war ⁠began in February. Valero reported ⁠its strongest quarterly profit since the 2022 energy crisis triggered by Russia's invasion of Ukraine, while Chevron posted its highest quarterly earnings in at least six years.