President Donald Trump demanded that U.S. oil companies immediately lower gasoline prices on Monday, after crude futures plunged following his decision to suspend a planned military strike on Iran.

In a post on Truth Social, Trump instructed producers to "get your consumer (retail!) Oil Prices DOWN, NOW!"

The president singled out Chevron CEO Mike Wirth, who had appeared on television discussing the company's business. Trump said Wirth failed to acknowledge the administration's role in restoring Chevron's position in Venezuela. "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," Trump wrote.

Chevron resumed operations in Venezuela after the Trump administration reopened access to the country's oil sector and placed exports under U.S. control. American refiners have since become some of the largest buyers of Venezuelan crude, restoring a market that had largely disappeared under previous sanctions.

In the United States, the national average price of regular gasoline stood at approximately $4.09 per gallon on Monday, according to AAA — down only modestly from the previous week's highs despite crude prices falling more than 6% in a single trading session. Retail fuel prices typically lag changes in oil markets, as stations continue selling inventory purchased at earlier wholesale prices. Gasoline prices have long been among the most politically sensitive economic indicators for American voters, and pump prices above $4 per gallon have historically weighed on presidential approval ratings.

Monday's demand follows two earlier interventions by Trump. In June, he called on the Justice Department to investigate gasoline prices after crude retreated from earlier highs. Days later, he urged fuel retailers to lower pump prices toward $2.50 per gallon, warning that companies which failed to respond would face "big problems." The U.S. president has no direct authority to set retail fuel prices, which are determined by crude costs, refining margins, taxes, and state-level competition.

West Texas Intermediate crude fell more than 6% on Monday, and Brent crude lost more than 5%, after Trump announced a new round of negotiations with Iran and canceled what he described as a planned "massive" military strike. Iran is one of the world's largest oil producers, and any easing of geopolitical tensions in the region typically influences expectations for global supply.

Chevron, Exxon Mobil, Valero Energy, and Marathon Petroleum all reported sharply higher second-quarter profits last week, as the Iran conflict lifted both crude prices and refining margins. Trump's latest demand places those earnings alongside falling oil prices, as his administration pushes the industry to pass lower crude costs through to consumers.

By Charles Kennedy for Oilprice.com