Key facts
- President Donald Trump demanded gasoline retailers lower prices to around $2.50 per gallon.
- He warned retailers against price gouging, which he called illegal.
- Trump also urged California to stop imposing heavy taxes on gasoline.
- The national average gas price was $3.86 per gallon on Monday.
- California and Hawaii have the highest gas prices at $5.45 and $5.49 per gallon, respectively.
President Donald Trump has publicly called on gasoline retailers to reduce prices to approximately $2.50 per gallon, citing current prices as too high. In a Truth Social post, Trump stated that retailers must lower prices immediately and warned against price gouging, which he deemed illegal. He also specifically addressed California, urging the state to reduce its heavy taxes on gasoline, noting an upcoming increase in the tax rate. As of Monday, the national average gas price stood at $3.86 per gallon, with California and Hawaii reporting the highest prices in the country. This statement follows a previous criticism by Trump directed at major oil companies for not lowering prices in line with decreased oil costs, prompting him to instruct the Justice Department to investigate them. Chevron's finance chief, Eimear Bonner, had previously commented that a lag exists between falling oil prices and pump price reductions, but expected prices to decrease as markets normalize.