During an interview with CNBC, Chevron's Chief Financial Officer Eimear Bonner addressed concerns over rising gasoline prices, which have drawn scrutiny from President Trump. He accused major oil companies, including Chevron, Exxon Mobil, Shell, and BP, of not reducing prices in line with falling crude oil costs.
Bonner acknowledged the public's frustration and emphasized that while Chevron is committed to increasing production by 7% to 10% this year, there is a natural lag between changes in crude prices and their reflection at the pump. She expressed empathy for consumers and reiterated that the company is doing everything possible to address the situation.
Trump's administration has initiated an investigation into the pricing practices of these companies, highlighting the broader implications of fuel prices on national security and consumer affordability