Trump Urges Chevron to Lower Gas Prices

ILLUSTRATION UNSPLASH/Luis Ramirez

JAKARTA - US President Donald Trump urged oil companies in his country to immediately reduce the selling price of fuel to consumers as soon as possible.

"The policy also applies to other oil companies... and lower the price of oil for consumers (ritel) now!" Trump wrote on the Truth Social platform, as reported by ANTARA from Sputnik, Tuesday, August 4.

Trump said he did not like the size of the profits made by a number of large oil companies.

"They make too much money. I don't like it... Chevron, too much money. ExxonMobil, too much money," Trump told reporters.

He said that companies that had made profits up to 12 times higher than the previous year must return part of the income to the community.

Trump's call came as tensions between the US and Iran still affect the world energy market.

In late June, US Treasury Secretary Scott Bessent warned fuel retailers in the country that they could be held accountable if they raised prices excessively.

On June 18, the United States and Iran signed a memorandum of understanding to end the conflict that began on February 28.

However, on July 8, Trump announced that the ceasefire was no longer in effect. Since then, the US military has launched a number of attacks on Iran.

The United States Central Command (CENTCOM) said the attack was in response to Iranian actions against commercial vessels crossing the Strait of Hormuz.

Iran then retaliated by launching an attack on US military bases in the Middle East region.

On July 12, Tehran announced the closure of the Strait of Hormuz until the United States intervened in the region.

A day later, Trump declared that the United States would become the "guardian" of the Strait of Hormuz and reimpose a blockade on Iranian ports.