President Trump deflected blame for high gasoline prices by demanding Chevron and other producers cut retail fuel costs, even though fewer than 5% of U.S. gas stations are owned by major oil companies. The national average for regular gasoline has jumped from $2.98 to $4.10 per gallon following Trump's military strike on Iran, which briefly sent crude above $100 per barrel. Trump's Truth Social post targeted Chevron CEO Mike Wirth after a Fox Business appearance, but retail stations are largely price takers that set prices based on replacement costs, local competition, and thin margins. Ongoing geopolitical uncertainty from Trump's repeated threats to resume strikes on Iran has kept a risk premium baked into oil prices, the primary driver of elevated pump costs rather than corporate decisions.
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