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No one ever said attacking Iran would be cost-free. No reasonable person blames anyone but Iran for its attacks on ship traffic through the Strait of Hormuz. And we can all blame U.S. politicians and regulators for the limits of American refining capacity. But it seems that President Donald Trump has decided to blame U.S. energy producers for gasoline prices at the pump. One might have guessed that Mr. Trump would not miss an opportunity to highlight American manufacturing success, but today’s unfortunate use of the bully pulpit against Big Oil obscured some genuinely encouraging news about the U.S. economy. As for the presidential dissing of the drillers, Mr. Trump
writes on his Truth Social platform today: Mike Wirth, Chairman and CEO of Chevron, just gave, in an interview with the fabulous Maria Bartiromo, all of the reasons that his company is doing so well. The only thing he conveniently forgot to mention is that, without the genius, foresight, strength, and stability, of the TRUMP Administration, the Oil Industry, and our Country itself, would be DEAD! As an example, they threw Mike and Chevron out of Venezuela, but now they’re back, far bigger and stronger than ever before, expecting to make a fortune! That goes for other Oil Companies as
well…and get your consumer (retail!) Oil Prices DOWN, NOW! Thank you for your attention to this matter. President DJT The Journal’s Benoît Morenne reports: The criticism comes days after Chevron reported earnings of $12.1 billion for the most recent quarter, nearly fivefold from the same period last year. On today’s Fox Business interview, Wirth said his firm was producing record amounts of oil in the U.S., and refining record volumes of crude at its fuel plants in the country. The oil industry has been gearing up for attacks from the White House over high energy prices. Companies such as Exxon, Chevron, ConocoPhillips and Occidental plan to absorb whatever criticism comes at them and wait for it to blow over, according to people familiar with their thinking—but whether this strategy will work with Trump remains to be seen.
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