Chevron CFO Expects US Gasoline Prices to Fall Amid Middle East Normalization

Chevron Chief Financial Officer Eimear Bonner told CNBC on Thursday that the oil major expects U.S. gasoline prices to fall as the Middle East situation continues to normalize.

Her comments come shortly after U.S. President Donald Trump ordered an investigation into Big Oil, accusing them of "gouging" consumers by failing to lower gasoline prices in line with the recent decline in crude prices.

Responding to Trump's criticism, Bonner said energy majors were "doing everything we can" to resolve the situation, but that it would take time for fuel prices to come down.

"What I would say is, we're all concerned about prices. So, there is a lot of empathy, whether it's in the U.S. or here in the U.K. or in Europe for consumers," Bonner told CNBC's "Squawk Box Europe" on Thursday.

"It's going to take time though. There is a lag between, you know, oil prices and reductions in oil prices and when that shows up at the pump, but we expect that prices will come down as things continue to normalize."

Speaking to reporters at the White House on Wednesday, Trump named the likes of Chevron, Exxon Mobil , Shell and BP and said gasoline prices "should be much lower at the pump." The U.S. president added that prices should be at $2.25 per gallon, "and we are higher than that."

Spokespeople at Exxon, Shell and BP have not yet responded to a CNBC request for comment.

Asked whether the energy majors could do more to get gas prices down in the near term, Chevron's Bonner replied: "Well, I think the majors are doing everything that we can. I'll talk for Chevron, and we're growing this year. We're going to grow production at 7% to 10%."

"We've optimized through the conflict and continue to optimize the levers that we have to deliver the energy the world needs and to deliver products to consumers," she added.

Trump said Wednesday that he had ordered the Department of Justice to "immediately" start looking into the situation.

"The price of fuel is not only national security issue, it impacts the wallet of every American. We will always commit to ensuring affordability in this nation," a DOJ spokesperson told CNBC by email.

Oil prices have fallen sharply since the U.S. and Iran signed an interim peace deal last week, although Washington and Tehran have continued to clash over some of the details of the 14-point memorandum of understanding.

International benchmark Brent crude futures for August fell 1.3% to $72.75 per barrel on Thursday, hovering at levels seen before the Middle East war broke out in late February. U.S. West Texas Intermediate futures for August, meanwhile, were last seen 1.1% lower at $69.60.