Chevron CFO says U.S. gasoline prices expected to fall as Middle East tensions ease
Chevron's chief financial officer said fuel prices should decline as oil markets normalize, following President Trump's call for an investigation into major refiners.
Chevron chief financial officer Eimear Bonner told CNBC that the company expects U.S. gasoline prices to decrease as the situation in the Middle East stabilises and crude prices remain lower. She said the lag between falling oil prices and lower pump prices means the decline will take time, but the trend should be downward.
Bonner added that the majors are "doing everything we can" and that Chevron plans to grow production by 7% to 10% this year while continuing to optimise operations to meet consumer demand.
The comments came after President Donald Trump ordered a Justice Department review of major oil firms, alleging they were not passing on recent crude price drops to consumers. Trump said gasoline should be priced around $2.25 per gallon, lower than current levels.
A Department of Justice spokesperson said fuel affordability is a national-security issue and the agency will pursue the matter. Brent crude fell 1.3% to $72.75 a barrel and U.S. West Texas Intermediate dropped 1.1% to $69.60, near pre-conflict levels.