President Donald Trump called for immediate reductions in US fuel prices, singling out Chevron's CEO and claiming his policies were behind the company's success. However, the oil industry, including Chevron and ExxonMobil, warned that high fuel prices are likely to stick around even if crude oil prices drop in the coming months.
The companies cited the wars in Russia and the Middle East, which have left global refining capacity critically short. Trump's demand puts pressure on Chevron to lower prices for consumers, but the industry argues that the shortage of refining capacity, not just the cost of oil, is keeping fuel prices high.