Published • loading... • Updated
Trump Singles Out Exxon, Chevron, Shell, and BP Over High Gas Prices
Trump said retail gasoline prices should be lower and directed the Justice Department to investigate as AAA data showed a $3.928 national average.
- President Donald Trump named Exxon, Chevron, Shell, and BP on Wednesday as responsible for excessive fuel prices, instructing the Justice Department to investigate the companies for allegedly "gouging" customers.
- Following an interim peace agreement between the United States and Iran that reopened the Strait of Hormuz, Brent crude fell to its lowest level since February 27, triggering market reversal.
- Trump claimed customers are being "gouged" on Truth Social, but American Petroleum Institute spokesperson Bethany Williams countered that retail fuel prices "don't move in lockstep with crude oil" during supply disruptions.
- Chevron CFO Eimear Bonner told CNBC on Thursday that companies are doing "everything we can," but warned "it's going to take time" for price reductions to reach consumers at the pump.
- Gasoline prices typically lag crude oil movements because retailers sell inventory purchased at earlier, higher costs; prices have declined for six weeks but remain significantly above pre-conflict levels seen earlier this year.
Insights by Ground AI
Podcasts & Opinions
17 Articles
17 Articles
Chevron Predicts Price Drop as Trump Targets Big Oil
Following President Donald Trump's move to investigate whether major energy companies are keeping pump prices artificially high, Chevron says Americans should see lower gasoline prices in the coming weeks as oil markets stabilize.
·Boca Raton, United States
Read Full Article
Coverage Details
Total News Sources17
Leaning Left1Leaning Right6Center7Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
C 50%
R 43%
Factuality
To view factuality data please Upgrade to Premium
