Chevron CFO says gas prices will normalize after Trump presses Big Oil
Prices for unleaded gasoline and diesel fuel are displayed on a sign at a Chevron gas station on Bay Harbor Island in the U.S. state of Florida on Monday, June 22, 2026.
Zak Bennett | Bloomberg | Getty Images
Strip The oil giant expects U.S. gasoline prices to decline as the situation in the Middle East continues to normalize, Chief Financial Officer Eimear Bonner told CNBC on Thursday.
The comments came shortly after US President Donald Trump ordered an investigation into Big Oil, accusing it of “gouging” consumers by not lowering gasoline prices in line with the recent decline in crude oil prices.
Responding to Trump’s criticism, Chevron’s Bonner said the energy industry’s leading companies were “doing everything we can” to resolve the situation, but it would take time for fuel prices to drop.
“I would say we’re all concerned about prices. So there’s a lot of empathy on the part of consumers, whether it’s in the U.S., here in the U.K., or in Europe,” Bonner told CNBC’s “Squawk Box Europe” on Thursday.
“It will still take time. There is a lag between oil prices and drops in oil prices and the reflection of that at the pump, but we expect prices to drop as things continue to normalize.”
Speaking to reporters at the White House on Wednesday, Trump named names such as Chevron: ExxonMobil, Shell And blood pressure and said gas prices “should be much lower at the pump.”
Prices should be $2.25 per gallon “and we’re on it,” the US president added.
Asked whether energy majors could do more to lower gas prices in the near term, Bonner replied: “Well, I think the majors are doing everything we can. I’ll speak for Chevron, and we’re growing this year. We’ll increase production by 7% to 10%.”
“We have optimized the conflict and continue to optimize the means we have to provide the energy the world needs and deliver products to consumers,” he added.
Trump said on Wednesday that he had ordered the Department of Justice (DoJ) to begin investigating the situation “immediately.”
“The price of gas is not only a matter of national security, it also affects every American’s wallet. We are committed to ensuring affordability in this country at all times,” a Justice Department spokesperson told CNBC via email.
