Chevron says Americans should see lower gasoline prices in the coming weeks as oil markets stabilize, following President Donald Trump's move to investigate whether major energy companies are keeping pump prices artificially high.

Trump announced Wednesday that he had directed the Department of Justice to "immediately" investigate major oil producers, arguing that gasoline prices "should be much lower at the pump."

Naming Chevron, Exxon Mobil, Shell and BP, the president said prices should be at $2.25 per gallon, "and we are higher than that."

Chevron Chief Financial Officer Eimear Bonner acknowledged consumer frustration during an interview with CNBC on Thursday, saying the company expects prices to decline as conditions in the Middle East continue to normalize.

"What I would say is, we're all concerned about prices," Bonner said on CNBC's "Squawk Box Europe." "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."

She said falling crude prices typically take time to reach consumers.

"It's going to take time though," she continued. "There is a lag between 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."

Pressed on whether oil companies could do more to bring prices down sooner, Bonner defended Chevron's efforts.

"Well, I think the majors are doing everything that we can," she said. "I'll talk for Chevron, and we're growing this year. We're going to grow production at 7% to 10%."

Bonner added that Chevron has continued maximizing production despite recent geopolitical tensions.

"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 said.

The Justice Department signaled support for Trump's focus on fuel costs, with a spokesperson telling CNBC, "The price of fuel is not only [a] national security issue, it impacts the wallet of every American."

"We will always commit to ensuring affordability in this nation," the spokesperson said.

Oil prices have retreated sharply since the United States and Iran reached an interim peace agreement last week, although Washington and Tehran continue to disagree over parts of the 14-point memorandum of understanding.

On Thursday, Brent crude for August delivery fell 1.3% to $72.75 a barrel, roughly back to where it traded before the Middle East conflict erupted in late February. U.S. West Texas Intermediate crude declined 1.1% to $69.60 a barrel.

A spokesperson for Shell told Newsmax the company declined to comment.

Newsmax also reached out to Exxon and BP for comment but did not receive an immediate response from either.