Trump Blasts Exxon and Chevron Over High Gas Prices

Although crude oil prices have started to decline, that does not mean US gas prices will immediately follow.

Many drivers are still paying more than $4 per gallon because the final price at the pump depends on more than just the cost of crude oil.

Amid that situation, President Donald Trump accused ExxonMobil and Chevron of earning massive profits while consumers continue to pay high gasoline prices.

The oil companies responded that they do not directly control the prices charged at individual gas stations and that several other costs continue to put upward pressure on the market.

Why it matters: Gasoline is one of the most common household expenses for millions of families across the United States. Understanding why prices are slow to fall can help consumers better anticipate how their budgets may be affected in the coming weeks.

Why Isn’t Gasoline Getting Cheaper as Oil Prices Fall?

One of the most common questions among drivers is why gasoline remains expensive even though crude oil prices have started to decline.

The answer is that crude oil accounts for only part of the price of a gallon of gasoline.

Refining, transportation, distribution, storage, and taxes also contribute to the final price, along with fuel inventories that were purchased when crude oil was trading at higher prices.

For that reason, a drop in crude oil prices often takes several days—or even weeks—to be reflected at the gas pump.

US Gas Prices: Trump Blasts Exxon and Chevron – PHOTO: Shutterstock

Trump Blames Exxon and Chevron for Record Profits

Donald Trump publicly criticized ExxonMobil and Chevron after both companies reported strong second-quarter earnings.

The president said the oil companies are making «too much money» while millions of Americans continue to pay high gasoline prices.

﻿

He also urged the companies to pass some of those profits on to consumers and lower fuel prices «NOW,» according to a post on Truth Social.

Who Really Determines the Price of a Gallon of Gas?

Oil companies produce and refine fuel, but they are not always the ones setting the price displayed at local gas stations.

Chevron explained that many gas stations operating under its brand are independently owned and operated, with owners setting their own prices based on operating costs and local competition.

Other factors also influence pump prices, including transportation expenses, available fuel inventories, and conditions in the global energy market.

YOU MAY ALSO BE INTERESTED IN: 3 Checks You Could Receive in August: Financial Assistance, State Family Benefits, and Social Security

Could Gas Prices Fall in the Coming Weeks?

Analysts agree that lower crude oil prices help ease pressure on fuel costs, but they do not guarantee an immediate drop in gasoline prices.

If energy markets remain stable and crude oil prices continue to decline, consumers may begin to see a gradual decrease at gas stations in the coming weeks.

For now, the debate between Trump and the major oil companies has once again raised a question that has no simple answer: Are gasoline prices still high because companies are making larger profits, or because the market has not yet fully reflected the decline in crude oil prices?