Washington: US President Donald Trump has launched a scathing attack on Mike Wirth, Chairman and CEO of the oil company Chevron. Trump alleged that Wirth attributed the company’s success to his own policies, but forgot that without his government’s policies, both the US oil industry and the country would have been in trouble. He also demanded that oil companies immediately reduce retail prices of petrol and diesel for consumers.
What did Trump say on TruthSocial?
Trump wrote on his social media platform, TruthSocial, that Mike Wirth, in an interview, listed several reasons for Chevron’s success, but did not mention the role of the Trump administration. Trump claimed that the US oil industry is in a strong position today because of his government’s vision, strength, and stable policies. He said that if it weren’t for his government, the oil industry would have been virtually destroyed.
Also mentioned Venezuela
Trump said that the stringent sanctions imposed on Venezuela during his tenure strengthened US strategy. According to him, Shavon had previously been forced to leave Venezuela, but now the company is returning there in a stronger position and expecting to make significant profits.
Direct warning to oil companies
Trump issued a direct warning to not only Shavon but also other oil companies to immediately reduce retail fuel prices. He said that ordinary consumers should get relief and companies should reduce petrol and diesel prices.
What did Shavon CEO say?
Earlier, Shavon CEO Mike Worthy said in an interview with Fox News that the global energy market remains unstable due to the war with Iran and tensions in West Asia. He explained that the ongoing crisis in the Strait of Hormuz and the Red Sea is affecting oil supplies. Approximately 20 percent of the world’s oil passes through the Strait of Hormuz, while ongoing disruptions in the Red Sea have also impacted global supply.
Increased Pressure on Fuel Prices
According to reports, gasoline prices in the US have risen significantly following the conflict with Iran. According to data from the American Automobile Association (AAA), the average price of gasoline in the country has reached $4.10 per gallon, more than a dollar higher than when the conflict began.
Political Pressure on Trump Also Growing
Trump is facing opposition criticism over rising fuel prices and inflation. Rising costs pose a political challenge for him ahead of the upcoming midterm elections in the US. However, Trump claims that if the conflict with Iran ends, fuel prices will fall sharply. However, many economists believe that the economic impact of the war could be long-lasting, and the likelihood of a significant immediate drop in prices is limited.