Chevron CFO Says Gas Prices Will Fall But Warns Consumers to Expect a Delay

TLDR

• Chevron CFO Eimear Bonner says gas prices will fall but warns there is a lag between crude price drops and pump prices
• President Trump accused Big Oil of “gouging” consumers and ordered a DOJ investigation
• Trump named Chevron, Exxon Mobil, Shell, and BP, saying prices should be $2.25 per gallon
• Brent crude fell 1.3% to $72.75 and WTI dropped 1.1% to $69.60 on Thursday
• The national average gas price sits at $3.92 per gallon, down 13% from a month ago but up from $3.22 a year ago

Chevron’s Chief Financial Officer Eimear Bonner told CNBC on Thursday that U.S. gasoline prices are expected to fall. However, she warned consumers not to expect immediate relief at the pump.

Her comments came shortly after President Donald Trump accused major oil companies of “gouging” consumers. Trump argued that oil companies were not passing lower crude costs on to drivers.

Trump posted on Truth Social that “the big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil.” He named Chevron, Exxon Mobil, Shell, and BP directly.

Speaking on CNBC’s Squawk Box Europe, Bonner acknowledged the frustration felt by consumers. She said there is sympathy for drivers “whether it’s in the U.S. or here in the U.K. or in Europe.”

She added that Chevron was growing production by 7% to 10% this year. She said the majors were “doing everything that we can” to help the situation.

Trump Orders DOJ Investigation Into Oil Companies

On Wednesday, Trump said he had ordered the Department of Justice to look into the matter immediately. A DOJ spokesperson confirmed the directive, saying fuel prices are “not only a national security issue” but affect “the wallet of every American.”

Trump said pump prices should be at $2.25 per gallon. The current national average, according to AAA data, stands at $3.92 per gallon.

That figure is down roughly 13% from $4.52 a month ago. But it is still well above the $3.22 drivers were paying at the same point last year.

Last week marked the first time since March that the average dipped below $4 per gallon.

Oil Prices Fall After U.S.-Iran Peace Deal

Crude prices have dropped since the U.S. and Iran signed an interim peace deal last week. The two governments are still at odds over some details of the 14-point agreement.

On Thursday, Brent crude fell 1.3% to $72.75 per barrel. West Texas Intermediate dropped 1.1% to $69.60 per barrel.

The American Petroleum Institute pushed back on Trump’s framing. Spokesperson Bethany Williams said fuel prices and crude costs do not move in direct step with each other, especially when global supply chains remain under strain.

Spokespeople for Exxon Mobil, Shell, and BP had not responded to requests for comment as of Thursday.

Bonner’s comments reflect the position that market forces, not deliberate price-setting, are driving the gap between crude and pump prices. The DOJ investigation is ongoing.

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