Trump slams Chevron CEO, demands immediate reduction in US fuel prices

xwhatsapp-strokecopylinkgoogleAdd Al Jazeera on GoogleinfoPresident Donald Trump speaks to reporters onboard Air Force One while returning to the White House, August 2, 2026. [AP Photo/Jacquelyn Martin]By Al Jazeera StaffPublished On 3 Aug 20263 Aug 2026US President Donald Trump has again demanded that oil companies lower gasoline prices for American consumers, slamming Chevron for not crediting his administration’s work to assist the oil industry as oil prices continue to rise.

Petrol prices have surged since the US-Israel war on Iran. Trump’s demand for lower petrol prices in the US comes as he faces criticism for launching the war on Iran and for its impact on costs for millions of Americans – and as November’s midterm elections draw closer.

Oil prices dropped five percent on Monday, as Trump told reporters a deal with Iran is imminent and new negotiations are set to start.

Brent Crude, the main international benchmark, stood at $82.91 per barrel as of 11:59am GMT on Monday, down five percent from a day earlier and down nearly 18 percent from last month’s peak of $101.

On Monday, Trump criticised Mike Wirth, the chairman and CEO of the multinational oil and gas company Chevron, for not crediting his administration for Chevron’s current performance. He went on to say that Chevron and other oil companies should immediately lower prices, which he has done previously.

“The only thing [Wirth] 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 be DEAD! As an example, 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!”

“That goes for other Oil Companies as well… and get your consumer (retail!) Oil Prices DOWN, NOW!”

The president has repeatedly said that fuel prices would “come down like a rock” after the conflict with Iran ends, but economists have disputed Trump’s assertions and predict longer-term economic repercussions due to the conflict.

The news of renewed negotiations over the weekend came after Trump called off what he had said would be the “biggest attack since World War II” on Iran after requests from Qatar, Saudi Arabia and the United Arab Emirates as “perimeters of a deal” had been agreed.

Trump announced on his social media platform Truth Social that the perimeters would include the “Immediate, Complete, and Total OPENING OF THE HORMUZ STRAIT” as well as “an end to Iran’s nuclear threat”. He provided no further details regarding the negotiations.

However, Iranian Foreign Ministry spokesman Esmaeil Baghaei said on Monday that they are currently only discussing the Strait of Hormuz’s management with Oman, with no talks underway or planned meetings with the US.

This is not the first time that the two sides have made contradictory statements on the state of negotiations.

Monday’s drop in oil prices follows the sharp increase of more than 20 percent in July due to the resumption of hostilities and supply disruptions spreading from Hormuz to the Red Sea.