Chevron CFO pushes back on Trump gas price-gouging probe

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Chevron CFO Eimear Bonner pushed back on President Donald Trump's accusation that oil companies are gouging consumers, telling CNBC on Thursday that gasoline prices will decline but a lag between falling crude costs and lower pump prices is unavoidable. Bonner said Chevron is growing production by 7% to 10% this year and that the industry is doing everything it can. Trump had named Chevron, Exxon Mobil, Shell, and BP, saying gasoline prices should be much lower and targeting $2.25 per gallon, while also calling for a Justice Department probe. The American Petroleum Institute similarly defended the industry, noting gasoline prices do not move in lockstep with crude. Brent crude traded at $72.75 a barrel on Thursday, with the national average gasoline price at $3.92 a gallon, down about 13% from a month earlier but still roughly 70 cents higher than a year ago.