The former president specifically targeted Chevron CEO Mike Wirth, criticizing the executive for failing to credit the administration for facilitating Chevron’s return to Venezuela. Following a policy shift that reopened access to the country's oil sector, American refiners have rapidly become primary buyers of Venezuelan crude, a move that has significantly bolstered the company's regional position.
On Monday, the national average for regular gasoline hovered at $3.29 per gallon, according to AAA data. While West Texas Intermediate crude dropped over 6% and Brent crude fell more than 5% in a single session, retail prices remain stubborn. Industry experts note that fuel stations typically lag behind market shifts, as they continue to clear inventory purchased at higher wholesale rates earlier in the cycle.
This demand follows a pattern of intervention from Trump, who previously prompted the Justice Department to investigate pricing and threatened retailers with unspecified consequences if they failed to lower costs. With major players like Exxon Mobil, Valero Energy, and Marathon Petroleum reporting robust second-quarter profits, the administration’s latest push aims to force these companies to pass current savings directly to motorists.
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