Donald Trump Demands Immediate Lowering of Retail Oil Prices

Donald Trump demanded that oil companies immediately lower retail gasoline prices in a social media post on Monday, August 3, 2026. The demand follows a rise in the national average for 87-octane gasoline to $4.09 a gallon, which has remained above the $4 threshold for two consecutive weeks.

This price surge occurred after a series of tit-for-tat strikes between the United States and Iran, although both nations have recently signaled a willingness to pursue a negotiated resolution.

Trump credited his administration's policies for the success of the oil industry, specifically highlighting the return of Chevron Corp. to Venezuela. He asserted the company is now stronger and poised for substantial profits, while criticizing Chevron Chairman and CEO Mike Wirth for failing to acknowledge the administration's role during a Fox Business interview.