Exxon Mobil Faces DOJ Probe as Trump Demands $2.25 Gasoline Target
XOM•President Trump urged the Justice Department to investigate Exxon Mobil and peers for not passing crude price declines to consumers, targeting $2.25 per gallon. Oil executives warned gasoline will fall with a lag, noting Brent at $72.75 a barrel and WTI at $69.60.
1. Presidential Accusation and Probe
President Trump named Exxon Mobil, Chevron, Shell and BP and urged the Justice Department to investigate their alleged failure to pass along crude price declines to motorists, setting a $2.25 per gallon benchmark.
2. Industry Defense and Production Growth
Chevron CFO Eimear Bonner countered that gasoline prices will decline but with an inevitable lag behind crude costs, and highlighted plans by major oil companies to increase production by 7% to 10% this year to support supply.
3. Recent Price Trends
Brent crude dropped to $72.75 per barrel and West Texas Intermediate to $69.60 after a US-Iran interim deal, while the national gasoline average stands at $3.92 per gallon, down 13% month-over-month but 70 cents above last year.
