United States President Donald Trump has called on American oil companies to immediately reduce retail fuel prices after crude benchmarks tumbled sharply following his decision to suspend another planned military strike on Iran. In a post on Truth Social, Trump urged producers to "get your consumer (retail!) Oil Prices DOWN, NOW!", arguing that motorists should immediately benefit from lower crude prices.
As at the time of writing 08:00 p.m. (WAT), Brent crude traded at $83.99 per barrel, down 4.48%, while West Texas Intermediate (WTI) fell 4.91% to $80.51 per barrel as global oil markets reacted to easing geopolitical tensions in the Middle East.
Trump also singled out Chevron Chief Executive Officer Mike Wirth, accusing him of failing to acknowledge the administration's role in restoring the company's access to Venezuela's oil sector. "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," the President wrote.
Chevron resumed operations in Venezuela after the Trump administration reopened access to the country's oil industry and placed exports under US oversight. Since then, American refiners have become some of the largest buyers of Venezuelan crude, reviving a trade route that had largely disappeared under previous sanctions.
Despite crude prices falling by more than five per cent, retail fuel prices have remained relatively sticky. According to the American Automobile Association, the national average price of regular gasoline stood at about $3.29 per gallon on Monday, only slightly below last week's levels. Analysts said pump prices usually adjust more slowly because filling stations continue selling inventory purchased at earlier wholesale prices.
Trump's latest intervention follows similar efforts earlier this year. In June, he directed the Department of Justice to investigate alleged gasoline price gouging after crude prices retreated from previous highs. He later urged retailers to reduce pump prices towards $2.50 per gallon, warning companies that ignored the call would face "big problems."
Monday's sharp sell-off was triggered after Trump announced fresh negotiations with Iran and cancelled what he had earlier described as a planned "massive" military strike. The announcement eased fears of prolonged supply disruptions through the Strait of Hormuz, prompting traders to unwind much of the geopolitical premium that had driven oil prices higher throughout July.
The renewed pressure on oil companies also comes days after Chevron, ExxonMobil, Valero Energy and Marathon Petroleum reported stronger second-quarter earnings, supported by elevated crude prices and wider refining margins during the recent Middle East conflict. With crude now retreating sharply, the White House is pushing refiners and fuel retailers to pass lower feedstock costs through to consumers rather than retain higher profit margins.
While the administration expects lower crude prices to translate into cheaper fuel, industry analysts caution that any meaningful reduction at the pump will likely take time, as refiners, wholesalers and retailers gradually replace higher-cost inventories with supplies purchased at lower market prices.