Trump is demanding that U.S. oil companies urgently lower gasoline prices
U.S. President Donald Trump called on American oil companies to immediately lower gas prices for consumers. He also singled out Chevron CEO Mike Wirth for criticism.
The reason for Trump’s dissatisfaction was an interview with the Chevron CEO, in which the president said he did not hear any acknowledgment of his administration’s role in supporting the oil industry and bringing American business back to Venezuela.
“The one 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 no longer exist,” the president wrote on social media.
He cited Chevron’s operations in Venezuela as an example. According to Trump, the company had previously been forced out of the country, but has now returned with a much stronger foothold and expects significant profits. The president then addressed other oil companies as well.
“This applies to other oil companies as well. Lower retail prices for consumers—immediately!” Trump declared.
It is worth noting that the cost of gasoline and the overall rising cost of living remain painful issues for Americans. For the Republican Party, this creates additional risks ahead of the midterm elections in November, when it could lose its majority in the House of Representatives and control of the Senate.
Global oil prices fell after Trump called off a planned “massive attack” on Iran over the weekend. At the same time, lower oil prices do not always quickly translate into lower fuel prices at gas stations.
The U.S. oil industry, meanwhile, has benefited significantly from the previous rise in oil prices and high refining margins following the conflict with Iran.
Recent financial reports from Exxon Mobil, Chevron, Valero Energy, and Marathon Petroleum showed a substantial increase in profits. Valero posted its best quarterly results since the 2022 energy crisis, while Chevron reported its highest quarterly earnings in the past six years.
Source: Reuters.
Trump explained why the agreement on Ukrainian mineral resources is very beneficial for the U.S.
The agreement between Ukraine and the United States on cooperation in the field of mineral resources will not lead to the start of production for at least the next decade and will require large-scale private investment.
Delegations from the U.S. International Development Finance Corporation (DFC) were shown the first deposits in the Kirovohrad region, which could serve as pilot projects for the Ukraine Recovery Investment Fund.
