Trump Criticizes High Gas Prices, Calls on Chevron to Lower Pump Costs
Gasoline prices in the U.S. have risen sharply from $2.98 per gallon before January’s Iran conflict to a current average of around $4.10 due to geopolitical tensions and rising crude oil costs. President Trump has publicly criticized major oil companies, particularly Chevron (NYSE:CVX), for not lowering retail fuel prices despite their strong financial performance. Trump's recent comments on social media targeted Chevron CEO Mike Wirth during a Fox Business interview, where he claimed the company’s success was due to his policies in Venezuela. However, experts note that major oil companies like Chevron do not set most U.S. pump prices—less than 5% of stations are owned by them—and retail pricing is influenced more by local market conditions and global crude prices. The broader issue lies with geopolitical instability caused by Trump’s military actions against Iran in February, which briefly pushed crude above $100 per barrel. While oil has since retreated slightly, the ongoing uncertainty from repeated threats of renewed conflict continues to support a risk premium in energy markets.