Key facts
- President Trump demanded gasoline retailers immediately reduce prices.
- He stated that crude oil prices, around $68 a barrel, warrant lower pump prices.
- Trump accused retailers of illegal price gouging.
- He warned of significant future problems for retailers who do not comply.
- The President directed the Department of Justice to investigate oil companies for not passing on lower crude costs.
U.S. President Donald Trump has issued a stern warning to gasoline retailers, demanding an immediate reduction in prices and threatening significant repercussions if they fail to comply. In a post on Truth Social, Trump stated that current crude oil prices, hovering around $68 a barrel and trending downward, do not justify the high gasoline prices at the pump. He explicitly accused retailers of illegal price gouging and urged them to "DROP YOUR PRICE FOR OUR GREAT AMERICAN PEOPLE!"
Trump further revealed that he has instructed the Department of Justice to investigate oil companies for not aligning their pump prices with the falling costs of crude oil. He suggested a target price of around $2.50 per gallon. The President's remarks come amid broader concerns over inflation and ahead of the November midterm elections.
Earlier this year, oil prices experienced a surge following tensions in the Strait of Hormuz, exacerbated by U.S. and Israeli strikes on Iran and subsequent retaliatory actions. However, diplomatic efforts and an MoU between the U.S. and Iran have contributed to some recent relief at the pump for American consumers.