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Energy — Business

Why Does Chevron CFO Say Gas Prices Will Take Time To Fall

Chevron is increasing production by 7% to 10% this year while optimizing operations to meet global energy demand. She said the company is doing everything it can to supply energy efficiently.

,   and  TIPP Staff
2 min read
Photo by Luis Ramirez / Unsplash

Chevron Chief Financial Officer Eimear Bonner said U.S. gasoline prices are expected to decline as tensions in the Middle East ease and energy markets stabilize, according to remarks made to CNBC.

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Her comments came a day after President Donald Trump accused major oil companies of overcharging consumers and directed the Department of Justice to investigate whether motorists were being unfairly charged despite falling crude oil prices.

Bonner said there is a natural delay between changes in crude oil prices and what consumers pay at the pump. She added that Chevron expects fuel prices to fall as market conditions continue returning to normal.

According to Bonner, Chevron is increasing production by 7% to 10% this year while optimizing operations to meet global energy demand. She said the company is doing everything it can to supply energy efficiently.

Trump said gasoline prices should be significantly lower and named Chevron, Exxon Mobil, Shell and BP while calling for closer scrutiny of the industry. A Justice Department spokesperson said affordable fuel remains a national priority.

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