President Donald Trump ordered the Department of Justice to investigate oil companies for allegedly gouging consumers at the pump even as crude oil prices plunge.
Trump accused major oil companies of refusing to pass savings on to drivers, even though the oil they’re purchasing has dropped dramatically in price.
“The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil. Those prices are dropping like a rock! In other words, customers are being ‘gouged.’ I have instructed the DOJ to immediately start looking into this. Gasoline prices better start going down a lot faster than what I’m seeing!”
The president issued the rebuke in a Truth Social post shortly after midnight Wednesday.
Crude oil prices soared after the United States launched Operation Epic Fury against Iran on February 28. Iran closed the Strait of Hormuz during the conflict — the world’s most critical energy chokepoint, where 25% of global seaborne oil trade passes through — triggering economic shockwaves.
U.S. West Texas Intermediate crude hit $119.47 per barrel on March 9. Brent Crude reached $126.41 on April 30, the highest price in over four years.
Oil prices have since dropped amid rumors of a peace deal between the U.S. and Iran. Crude hit a three-month low earlier in June after Trump announced an agreement had been reached.
As of early Wednesday, Brent Crude was priced at $76.22 per barrel while WTI oil was at $72.28 per barrel.
Gas prices nationwide have steadily declined over the last month, corresponding with falling oil prices and peace rumors. As of June 23, the national average for a gallon of regular gas was $3.926, down from $4.529 a month ago.
Trump is now demanding oil companies pass those savings on to consumers — or face DOJ scrutiny.
