Chevron CFO explains why gasoline prices remain stubbornly high

Chevron CFO Eimear Bonner said in a CNBC interview that gasoline prices should ease as Middle East oil flows normalize, but cautioned there is no quick fix, pushing back against accusations of price gouging from President Trump.

Gasoline prices have remained stubbornly high even as crude oil prices have fallen from April highs and moved closer to pre-war levels. This disconnect has turned a market move into a political fight, with President Trump accusing major oil companies of gouging consumers. Bonner explained that while Chevron is looking to expand production this year, pump prices depend on a complex chain of refining, distribution, and retail margins that do not adjust instantly to crude movements. For traders, this highlights the importance of monitoring crack spreads and refining capacity, as gasoline prices can diverge from crude benchmarks. NowPrice's real-time fuel quotes show the latest retail and wholesale prices across key regions.

Looking ahead, the key question is whether Middle East tensions continue to ease, allowing crude supply to flow freely. If so, gasoline prices could gradually decline, but any disruption could keep them elevated. Traders should watch weekly US inventory data and refinery utilization rates for signs of loosening supply. Chevron's own production plans may also provide clues about future output, but the timing of any impact on pump prices remains uncertain.