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President Trump pressures Chevron to cut fuel prices, adding political complication.
Impact on stocks 1
Energy
Chevron CorpChevron faced renewed pressure Monday to help reduce U.S. gasoline prices, adding a political complication to its investment case. President Donald Trump called on Chevron and other oil companies to lower retail fuel prices and criticized CEO Mike Wirth for not giving his administration sufficient credit for supporting the industry, particularly Chevron's position in Venezuela. The remarks followed Chevron's strongest quarterly earnings in six years, driven by higher oil prices and refining margins. However, Chevron cannot determine nationwide pump prices by itself, as retail gasoline prices reflect crude-oil costs, taxes, refining profits, distribution expenses, and decisions by individual retailers, according to the Energy Information Administration. The EIA expects lower crude prices to push average gasoline prices down by roughly 41 cents per gallon during the third quarter to just under $3.80, with prices potentially falling toward $3.40 in the fourth quarter as inventories recover. Meanwhile, Wirth highlighted Chevron's discussions with Iraq over possible export routes that would reduce reliance on vulnerable Middle Eastern waterways, and the company is also pursuing potential involvement in Iraq's West Qurna 2 and Nassiriya oilfields, where West Qurna 2 currently produces about 460,000 barrels per day.
Chevron CorpPresident Trump pressures Chevron to cut fuel prices, adding political complication.