AI Generated Image
Chevron CFO says gas prices will normalize after Trump presses Big Oil
CNBC • • business
Key Points:
- Chevron CFO Eimear Bonner expects U.S. gasoline prices to decline as the Middle East situation normalizes, though she cautioned that there is a lag between crude oil price drops and lower pump prices.
- Bonner emphasized that energy majors like Chevron are doing everything possible to reduce fuel prices, with Chevron planning to grow production by 7% to 10% this year despite ongoing challenges.
- U.S. President Donald Trump has ordered a Department of Justice investigation into major oil companies, accusing them of "gouging" consumers by not lowering gasoline prices in line with falling crude prices.
- Oil prices have decreased following a recent interim peace deal between the U.S. and Iran, with Brent crude futures dropping to $72.75 per barrel and West Texas Intermediate futures falling to $69.60.
- Spokespeople from Exxon, Shell, and BP have not yet commented on Trump's allegations or the investigation.
