During a Thursday interview with CNBC, Chevron’s Chief Financial Officer Eimear Bonner projected that gasoline prices across the United States would decline in the coming period. Nevertheless, she cautioned motorists against anticipating instantaneous relief when filling up their tanks.
Bonner’s statements followed closely on the heels of President Donald Trump’s accusations that major petroleum corporations were engaging in consumer “gouging” practices. The President contended that oil industry giants were failing to translate reduced crude oil expenses into savings for American drivers.
In a Truth Social post, Trump stated that “the big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil.” His message specifically identified Chevron, Exxon Mobil, Shell, and BP by name.
JUST IN: President Trump just CONFIRMED he's ordered a MAJOR DOJ investigation into oil companies for price gouging Americans at the pump
ExxonMobil, Chevron, Shell, BP, and more.
"The oil companies are possibly gouging. I hope they're not. Otherwise they're going to be in… pic.twitter.com/Cv1jgPpWNE
— Nick Sortor (@nicksortor) June 24, 2026
During her appearance on CNBC’s Squawk Box Europe, Bonner recognized the frustration experienced by consumers. She expressed understanding for drivers “whether it’s in the U.S. or here in the U.K. or in Europe.”
“It’s going to take time,” Bonner explained. “There is a lag between oil prices and reductions in oil prices and when that shows up at the pump.”
She further noted that Chevron was expanding its production capacity by 7% to 10% throughout the current year. According to Bonner, major oil companies were “doing everything that we can” to address the pricing situation.
The previous day, Trump announced he had instructed the Department of Justice to examine the matter without delay. A DOJ representative verified the order, characterizing fuel pricing as “not only a national security issue” but one that impacts “the wallet of every American.”
According to Trump, retail gas prices should currently sit at $2.25 per gallon. Data from AAA indicates the present national average remains at $3.92 per gallon.
This represents approximately a 13% decrease from the $4.52 average recorded one month earlier. However, it remains significantly higher than the $3.22 motorists paid during the corresponding period last year.
The previous week represented the first occasion since March that the national average fell below the $4 per gallon threshold.
Crude oil valuations have experienced downward pressure since the United States and Iran formalized an interim peace agreement the previous week. The two nations continue negotiating various aspects of the 14-point framework.
During Thursday’s trading session, Brent crude decreased 1.3% to settle at $72.75 per barrel. West Texas Intermediate declined 1.1% to close at $69.60 per barrel.
The American Petroleum Institute challenged Trump’s characterization of the situation. API spokesperson Bethany Williams noted that retail fuel prices and crude oil costs don’t operate in lockstep with one another, particularly when international supply networks face continued pressure.
Representatives from Exxon Mobil, Shell, and BP had not issued responses to media inquiries by Thursday afternoon.
Bonner’s remarks underscore the industry position that marketplace dynamics, rather than intentional pricing strategies, account for the disconnect between crude oil costs and pump prices. The Department of Justice’s investigation remains active.
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