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Trump urges US oil firms to cut gasoline prices after crude drop
The request follows a decision to suspend another planned military strike on Iran, which helped drive a more than 6% one-day fall in crude futures.
OilPrice reports President Donald Trump demanded that U.S. oil companies immediately lower gasoline prices after crude futures plunged, following his decision to suspend a planned military strike on Iran.
In a Truth Social post, Trump told producers to reduce retail oil and singled out Chevron CEO Mike Wirth. Trump said Wirth did not credit the administration for restoring Chevron’s position in Venezuela and referenced the company’s return there.
The outlet says Chevron resumed operations in Venezuela after the Trump administration reopened access to the country’s oil sector and placed exports under U.S. control. American refiners have since become major buyers of Venezuelan crude, after the market had largely disappeared under previous sanctions.
In the U.S., the national average price of regular gasoline was about $4.09 per gallon on Monday, according to AAA. OilPrice adds that retail fuel prices often lag wholesale changes because stations continue selling inventory bought earlier, even as crude prices fell more than 6% in a single session.
Latest closeWTI crude $86.80 ▲3.8%|Gasoline (RBOB) $3.171 ▼3.5%