Key facts
- President Donald Trump warned U.S. fuel retailers to lower gasoline prices immediately.
- Crude oil costs are cited at 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 direct warning to U.S. fuel retailers, demanding an immediate reduction in gasoline prices. The President cited current crude oil costs at around $68 a barrel as justification for this demand. He further stated that retailers would face "big problems" if they fail to comply with the directive to lower prices. In addition to the warning to retailers, President Trump has also directed the Department of Justice to launch an investigation into oil companies. The focus of this investigation will be on allegations of price gouging. This move represents a significant intervention by the U.S. President into the energy market, aiming to influence consumer fuel costs.