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(Bloomberg) — President Donald Trump criticized Chevron Corp. Chief Executive Officer Mike Wirth for failing to mention his administration’s pro-fossil fuel policies in an interview with Fox Business Network and called on oil companies to bring pump prices “DOWN, NOW!”
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Chevron made a profit of $12 billion — or about $132 million a day — in the second quarter, a record high as crude prices and refining margins soared due to the closure of the Strait of Hormuz amid the US-Iran war.
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Wirth gave “all of the reasons that his company is doing so well” in the interview, Trump wrote on Truth Social. “The only thing he 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!”
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Wirth is a frequent visitor to the White House and has been known to have a good rapport with Trump. As the only US oil major operating in Venezuela throughout sanctions, Chevron stands the most to benefit from the Trump administration’s capture of former leader Nicolas Maduro and efforts to re-open the country’s oil industry.
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“They threw Mike and Chevron out of Venezuela, but now their [SIC], far bigger and stronger than ever before, expecting to make a fortune!,” Trump said in his post.
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Average retail gasoline prices rose back above $4 a gallon during July as the conflict in the Middle East drags into a fifth month. So much refining capacity has been knocked offline in recent months that fuel prices could stay high even if crude prices fall, Wirth and other Big Oil executives warned last week.
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“We’re going to see some upward pressure on product pricing here into the third quarter,” Wirth said on a call with analysts Friday. “And perhaps beyond that.”
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Even so, Trump wants oil companies to bring down prices for consumers particularly ahead of the mid-term elections in November.
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“That goes for other Oil Companies as well…and get your consumer (retail!) Oil Prices DOWN, NOW!” the president said in his post.
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Chevron’s had record US production and refining throughput in the second quarter “at a time when the world energy system has been stressed and the need for supplies to markets and customers has never been higher,” Wirth said in the Fox interview.
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