On June 29 local time, U.S. President Trump sharply criticized major gasoline retailers for not lowering oil prices in time, stating that current oil prices were 'too high', and warned that immediate price cuts would lead to serious consequences.
That evening, he posted on social media platforms, stating that gasoline retailers must immediately reduce prices, keeping them "at around $2.5 per gallon." He added, "If retailers don't do this, the problems will be significant!"
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At the end of February this year, the United States and Israel provoked war against Iran. In response, Iran attacked Israel and some Gulf countries, and blocked the important Strait of Hormuz, causing international oil prices to soar. As oil prices rose, gasoline prices in the United States also skyrocketed, reaching a high of $4 per gallon in April, setting a new record since 2022.
According to data from the American Automobile Association (AAA), as of June 29, the average price of gasoline in the United States was $3.86 per gallon. In California and Hawaii, the prices were the highest, reaching $5.45 and $5.49 per gallon respectively.
American consumers are generally concerned about the high prices of gasoline, which poses a threat to Trump's prospects for governing—his poll numbers continue to decline. As the November midterm elections approach, Trump's Republican Party is trying to retain its slim majority in the U.S. Congress.
The American website 'Business Insider' mentioned on the 29th that this statement came just a week after Trump's last criticism of the energy industry. Previously, he criticized large oil companies for not reducing oil prices even after the situation in the Middle East has eased and the Strait of Hormuz has been reopened. He said, "Oil prices are falling like stones," but companies did not reduce their selling prices accordingly. Trump also stated that he has instructed the Department of Justice to investigate oil companies.
In response to this, American energy companies stated that it takes time for oil prices to be reflected at the point of sale. Emile Bonner, chief financial officer of Chevron Corporation, said in an interview with CNBC that energy suppliers are making efforts to adjust, but there is a lag between changes in oil prices and their reflection in gas station prices.
She said, “This will take some time. There is a certain lag between changes in crude oil prices and adjustments at the retail level. However, as the market gradually returns to normal, we expect oil prices to decline.”
