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Updated 26d ago
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Chevron says no quick fix for gas prices as Trump takes on Big Oil: ‘It’s going to take time’
President Donald Trump has directed the Justice Department to investigate oil companies over high gasoline prices. Chevron CFO Eimear Bonner stated that prices should decline as Middle East tensions ease, but warned of a lag. Trump has called for gas prices to drop to $2.50 a gallon.
What changed
President Trump ordered the Justice Department to probe oil majors for price gouging.
Live updates
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Trump Orders DOJ Probe into Oil Company Gas Price Gouging
confidence 90%President Donald Trump has directed the Justice Department to investigate oil companies over high gasoline prices. Chevron CFO Eimear Bonner stated that prices should decline as Middle East tensions ease, but warned of a lag. Trump has called for gas prices to drop to $2.50 a gallon.
What's confirmed:
- President Donald Trump ordered the Justice Department to investigate oil companies over gasoline price gouging.
- Chevron CFO Eimear Bonner told CNBC that it is going to take time for gas prices to go down despite a plunge in oil.
- Trump stated that Exxon and Chevron are among the firms being probed.
- The average nationwide gas price was $3.86 per gallon as of Monday, according to the AAA.
Still unconfirmed:
- Oil companies spent $100 million to get Donald Trump elected.
- Trump's plan to target price gouging flubs a key detail.