Key facts
- President Trump ordered the Department of Justice to investigate oil companies.
- Trump alleges oil companies are not lowering gasoline prices commensurate with falling crude oil costs.
- Trump stated on social media that customers are being 'gouged'.
- The national average gasoline price was $3.85 per gallon as of Monday.
- Brent crude is trading at $76.46 per barrel and West Texas Intermediate at $72.61 per barrel.
President Donald Trump has directed the Department of Justice to investigate oil companies, alleging they are not lowering gasoline prices in line with falling crude oil costs. Trump stated on social media that customers are being "gouged" and demanded that prices decrease more rapidly. Gasoline prices in the U.S. have been declining for six consecutive weeks, with the national average for a gallon of regular falling to $3.85 as of Monday, according to GasBuddy data. This price slide reflects a decline in crude oil prices as traders anticipate a resolution to tensions between the U.S. and Iran, which had previously caused paralysis in the Strait of Hormuz. International benchmarks have dropped to four-month lows, with Brent crude trading at $76.46 per barrel and West Texas Intermediate at $72.61 per barrel.