US President Donald Trump has reiterated his demand for oil companies to reduce gasoline prices for American consumers, specifically criticizing Chevron for not acknowledging his administration's contributions to the oil industry as prices rise. Petrol prices have increased following the US-Israel conflict involving Iran. Trump's call for lower prices comes as he faces scrutiny over the war's economic impact on Americans and the approaching midterm elections.
Oil prices fell by five percent on Monday, with Brent Crude priced at $82.91 per barrel, down from a peak of $101 last month. Trump expressed dissatisfaction with Chevron's CEO Mike Wirth, stating that the company should lower prices immediately. He claimed that without his administration's influence, the oil industry would not be performing as well.
Economists have challenged Trump's assertion that fuel prices will significantly decrease after the conflict with Iran, predicting potential long-term economic effects. The recent drop in oil prices follows a more than 20 percent increase in July due to hostilities and supply disruptions in the region. Trump also mentioned ongoing negotiations regarding the Strait of Hormuz, although Iranian officials have indicated that discussions are currently limited to talks with Oman and not with the US.