Key facts
- President Donald Trump has identified Exxon, Chevron, Shell, and BP as companies responsible for high gas prices.
- Trump stated that retail gasoline prices should be around $2.25 per gallon, significantly lower than current averages.
- The national average for regular gasoline was $3.928 per gallon as of Wednesday, according to AAA.
- Trump accused customers of being "gouged" and instructed the DOJ to investigate.
- The American Petroleum Institute stated that retail fuel prices do not track crude oil prices directly.
President Donald Trump has publicly identified Exxon, Chevron, Shell, and BP as companies he believes are responsible for excessively high gasoline prices. This statement follows the federal government's announcement of a probe into potential price-gouging.
Trump asserted that despite a significant decrease in crude oil prices, the cost at the pump has not fallen comparably. He expressed his opinion that gasoline prices should be around $2.25 per gallon, significantly lower than the current national average. As of Wednesday, the average price for a gallon of regular gasoline was $3.928, according to AAA data, a decrease from the previous week but an increase from the prior year.
He further alleged that customers are being "gouged" and announced on TruthSocial that he had instructed the Department of Justice to immediately investigate the matter, demanding faster price reductions.
In response, Bethany Williams, a spokeswoman for the American Petroleum Institute, stated that retail fuel prices do not directly correlate with crude oil prices and that the industry aims to provide relief at the pump and stabilize global energy markets.
A White House spokesperson commented that President Trump had consistently indicated that temporary disruptions to energy markets would occur and that prices would fall once the situation with Iran was resolved.