Chevron says Americans could see lower gasoline prices in the coming weeks as global oil markets stabilize, with declining crude prices expected to gradually reach consumers.
Eko Hot News reports that Chevron made the projection after U.S. President Donald Trump directed the Department of Justice to investigate whether major energy companies are keeping fuel prices artificially high despite easing crude oil costs.
President Trump announced that the Justice Department should immediately examine pricing practices among leading oil producers. He argued that gasoline prices should be significantly lower at filling stations across the United States.
The president specifically mentioned Chevron, Exxon Mobil, Shell, and BP, stating that fuel prices should be around $2.25 per gallon instead of current market levels.
Responding to the concerns, Chevron Chief Financial Officer Eimear Bonner acknowledged the financial pressure facing consumers and said the company understands the impact of fuel prices on households.
Speaking during an interview with CNBC’s Squawk Box Europe, Bonner said Chevron expects pump prices to decline as market conditions continue to improve following recent stability in the Middle East.
She explained that changes in crude oil prices are not reflected immediately at fuel stations because there is usually a delay between falling oil prices and retail gasoline prices.
According to Bonner, consumers should begin to experience lower prices as the oil market continues to normalize over the coming weeks.
Addressing questions about whether energy companies could reduce prices more quickly, the Chevron executive said the company is already doing everything possible to increase supply and improve market stability.
Bonner disclosed that Chevron expects to increase its production by between seven and ten percent this year as part of its strategy to meet global energy demand.
She added that the company has maintained production efficiency despite recent geopolitical developments, ensuring that energy products continue to reach consumers without major disruptions.
Meanwhile, the U.S. Department of Justice expressed support for the administration’s focus on fuel affordability. A department spokesperson described fuel prices as an issue that affects both national security and household finances.
The spokesperson also reiterated the government’s commitment to ensuring affordable energy for American consumers through appropriate oversight and market transparency.
Global oil prices have eased considerably since the United States and Iran reached an interim peace agreement last week, although discussions between both countries continue on several outstanding issues.
Brent crude declined by 1.3 percent to $72.75 per barrel, while U.S. West Texas Intermediate crude fell by 1.1 percent to $69.60 per barrel, returning close to levels seen before recent market volatility.
Industry analysts say continued stability in global oil markets could support lower fuel prices if crude oil remains at current levels and supply conditions remain favourable.
