There is no quick fix for gas prices to fall, Chevron stresses, aiming to respond to the critical tone adopted yesterday by US President Donald Trump, who accused major oil companies of deliberately delaying price cuts.
Specifically, the energy giant's CFO, Aimare Bonner, told CNBC on Thursday that the company expects US gas prices to decline as the situation in the Middle East continues to normalize.
Her comments come shortly after Trump ordered an investigation into the prices of major oil companies, accusing them of "cheating" consumers by not lowering gas prices in line with the recent drop in crude oil prices.
Responding to Trump's criticism, Bonner said that major energy companies are "doing everything they can" to resolve the situation, but that it will take time for fuel prices to come down.
"What I would say is that we all care about prices. So there is a lot of understanding for consumers, whether in the US or here in the UK or Europe," Bonner told CNBC.
"But it will take time. There is a time lag between oil prices and oil price reductions and when that will show up at the pump, but we expect prices to come down as things continue to normalize."
Speaking to reporters at the White House on Wednesday, Trump named companies such as Chevron, Exxon Mobil, Shell, and BP and said that gas prices "should be much lower at the pump." The US president added that prices should be at $2.25 per gallon, "and we are above that level."
Asked whether major energy companies could do more to lower gas prices in the short term, Bonner replied: "Well, I think the big companies are doing what they can. I will speak on behalf of Chevron and we are growing this year. We will increase production by 7% to 10%."
Trump said Wednesday that he ordered the Department of Justice to begin investigating the situation "immediately."
"Fuel prices are not only a national security issue but also affect every American's wallet. We will always be committed to ensuring affordability in this nation," a Department of Justice spokesperson told CNBC.
Oil prices have fallen sharply since the US and Iran signed the interim peace agreement last week, although Washington and Tehran continue to clash over some details of the 14-point memorandum of understanding.
International Brent crude oil futures for August were seen on Thursday retreating to pre-war levels, with Brent losing over 1.5%, but later reversed and is now up 1.5% at $74.87 per barrel.
