Key facts
- President Donald Trump warned U.S. fuel retailers to lower gasoline prices immediately.
- Crude oil costs are cited as being around $68 a barrel.
- Trump threatened "big problems" for retailers who do not comply.
- The Department of Justice is directed to investigate oil companies.
- The investigation will focus on alleged price gouging by oil companies.
President Donald Trump has issued a stern warning to U.S. fuel retailers, demanding an immediate reduction in gasoline prices. The President cited current crude oil costs hovering around $68 a barrel as justification for this directive. He explicitly stated that retailers would face "big problems" if they failed to lower prices promptly. In addition to pressuring retailers, President Trump has instructed the Department of Justice to launch an investigation into major oil companies. The focus of this investigation will be to determine if these companies are engaging in illegal price gouging practices. This move by the President signals a direct intervention into the energy market, aiming to alleviate consumer burden from high fuel costs.