‘Would be dead’: Trump argues oil industry couldn’t thrive without his administration

WASHINGTON, DC: President Donald Trump on Monday, August 3, took credit for Chevron’s success and its return to Venezuela, claiming that the US oil industry and the country itself would be “dead” without his administration.

Oil prices, not only in America but across the world, have been feeling the heat of the closed Strait of Hormuz, which ships around 20 percent of global oil. However, US crude oil dropped by roughly 5 per cent to fall below $80 a barrel after Trump suspended strikes on Iran.

Trump claims ease in oil market is because of his policies

In a Truth Social post, Trump ripped Mike Wirth, Chairman and CEO of Chevron, for failing to acknowledge the contribution of the Trump administration in its revival and renewed the pressure on oil companies to lower gasoline prices for American consumers.

"Mike Wirth, Chairman and CEO of Chevron, just gave... all of the reasons that his company is doing so well. The only thing he conveniently forgot to mention is that, without the genius, foresight, strength, and stability of the Trump Administration, the Oil Industry, and our Country itself, would be dead," Trump wrote.

Trump highlighted Chevron’s revival journey as an example of the Trump administration’s achievement.

He further highlighted that Chevron was kicked out of Venezuela and that now that it is back in operation in the region, it is because of Trump’s administration's policies to revive the oil market.

Besides, Trump also demanded that companies should reduce the oil prices for its consumers immediately.

"As an example, 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! That goes for other Oil Companies as well... and get your consumer (retail!) Oil Prices down, now," Trump added.

Oil price remains major political issue in America

Trump’s call to reduce the price came as the gasoline price remains a major political issue in Ameirca which opposition accusing Trump of not being able to handle the Iran war and its repercussions amid the rising cost of living fueled by increased oil prices.

Republicans face the prospect of losing their majority in the House of Representatives and potentially control of the Senate, making fuel prices a key economic issue for voters.

Global crude oil prices fell sharply after Trump postponed a planned military strike on Iran over the weekend to pursue a diplomatic path.