Chevron Says U.S. Gas Prices Need Time to Fall as Trump Seeks $2.25 Pump Prices

2 articles · Updated · CNBC · Jun 25

Chevron CFO Eimear Bonner said U.S. gasoline prices should ease as Middle East tensions normalize, but declines at the pump will lag the recent drop in crude.
Trump on Wednesday ordered the Justice Department to investigate major oil companies for alleged price gouging, saying gasoline should be at $2.25 a gallon and naming Chevron, Exxon, Shell and BP.
Bonner said Chevron is "doing everything we can" and plans to grow production 7% to 10% this year while optimizing supply through and after the conflict.
Brent crude fell 1.3% to $72.75 a barrel and WTI dropped 1.1% to $69.60 after the U.S.-Iran interim peace deal, returning near levels seen before the late-February war.