Key facts
- The White House is expected to extend a Jones Act waiver to lower gasoline prices.
- President Donald Trump demanded that U.S. oil companies immediately lower gasoline prices.
- Trump cited the administration's role in restoring Chevron's operations in Venezuela.
- The national average gasoline price was about $4.09 per gallon.
- West Texas Intermediate crude fell more than 6% and Brent crude lost more than 5%.
President Donald Trump demanded that U.S. oil companies immediately lower gasoline prices, following a significant drop in crude futures after he suspended a planned military strike on Iran. Trump specifically called out Chevron CEO Mike Wirth, asserting that the executive had not acknowledged the administration's role in restoring Chevron's access to Venezuela's oil sector. Chevron has since resumed operations in Venezuela, with American refiners becoming major buyers of Venezuelan crude. The national average gasoline price stood at approximately $4.09 per gallon on Monday, a modest decrease from the previous week despite crude prices falling over 6%. Retail fuel prices typically adjust more slowly to changes in oil markets. This demand follows previous interventions by Trump, including urging fuel retailers to lower prices and calling for investigations into gasoline pricing. The White House is also expected to extend a waiver for the Jones Act, a regulation requiring U.S.-built ships for domestic cargo, in an effort to improve shipping flexibility and reduce fuel costs. Critics argue that broad waivers could harm the domestic maritime fleet, and experts suggest the waiver's impact on gasoline prices may be minimal, potentially only a few cents per gallon.