Chevron’s finance chief says gasoline prices will fall but cites a natural lag between crude cost declines and pump prices.
Chevron CFO Eimear Bonner dismissed accusations of price-gouging by oil companies, stating gasoline prices will decline as crude costs normalize but with a typical delay. She noted a 7% to 10% production increase this year as evidence of industry efforts to stabilize prices.
President Donald Trump targeted Chevron, Exxon Mobil, Shell, and BP, demanding prices drop to $2.25 per gallon and calling for a Justice Department probe. The American Petroleum Institute echoed Chevron’s stance, citing global supply disruptions affecting refining and distribution.
Bonner emphasized the industry’s commitment to addressing price concerns but warned reductions at the pump would not be immediate despite falling oil prices.