Trump demands lower gas prices from oil companies, chides Chevron CEO

Higher gas prices and cost-of-living concerns pose a political risk to Trump's Republican Party ahead of November's midterm elections, in which it risks losing its House majority and possibly its control of the Senate.

Global oil prices plunged after Trump called off a planned "massive attack" on Iran over the weekend, but prices at the gas pump do not necessarily follow suit.

Last week's earnings from Exxon Mobil, Chevron, Valero Energy and Marathon Petroleum highlighted the boost U.S. oil companies received from higher crude prices and refining margins after the Iran conflict. Valero reported its strongest quarterly profit since the 2022 energy crisis triggered by Russia's invasion of Ukraine, while Chevron posted its highest quarterly earnings in six years.

U.S. President Donald Trump again called on oil companies to lower gasoline prices for American consumers on Monday, chiding Chevron Chief Executive Mike Wirth for not crediting his administration's efforts to help the oil industry.

Trump admonished Wirth for failing to credit his administration — in a television interview — with helping oil companies, including creating a market in Venezuela.

"The only thing he conveniently forgot to mention is that, without the genius, foresight, strength, and stability, of the TRUMP Administration, the Oil Industry, and our Country itself, would be DEAD!" Trump wrote in a social media post. "As an example, they threw Mike and Chevron out of Venezuela, but now they’re back, far bigger and stronger than ever before, expecting to make a fortune!"

"That goes for other Oil Companies as well…and get your consumer (retail!) Oil Prices DOWN, NOW!" Trump said on Truth Social.