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Trump Demands Lower Gas Prices, Orders DOJ Probe

8/3/2026

31 6 Full Breakdown

Summary

Story summary

On August 3, 2026, U.S. President Donald Trump demanded that oil firms lower gasoline prices, naming Chevron CEO Mike Wirth.
He said Chevron’s return to Venezuela shows the company is “far bigger and stronger than ever.”
He said he ordered the Justice Department on June 24 to probe possible overcharging by Exxon Mobil and Chevron.
Regular gasoline averaged $3.29 per gallon, according to AAA.
Chevron posted a record $12.1 billion profit.

History

Historical Context

In October 1973 OAPEC’s embargo lifted U.S. gasoline prices 43% and spurred rationing, prompting Nixon to appoint William E. Simon to lead the Federal Energy Office and launch Project Independence for energy security. Trump’s demand that Chevron CEO Mike Wirth address pricing and the DOJ’s antitrust probe of Exxon Mobil echo the 1970s push for price controls and federal oversight.

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Story summary

On August 3, 2026, U.S. President Donald Trump demanded that oil firms lower gasoline prices, naming Chevron CEO Mike Wirth.
He said Chevron’s return to Venezuela shows the company is “far bigger and stronger than ever.”
He said he ordered the Justice Department on June 24 to probe possible overcharging by Exxon Mobil and Chevron.
Regular gasoline averaged $3.29 per gallon, according to AAA.
Chevron posted a record $12.1 billion profit.

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