- Trump said he has ordered an investigation into major energy companies, accusing them of gouging customers by not cutting petrol prices after the cost of crude oil fell on global markets.
- Trump called on the Department of Justice (DOJ) to immediately start looking into this issue, expressing that he expected to see petrol prices fall a lot faster than they currently are.
- Oil companies are not dropping their prices at the pump in line with the sharply lower prices they are paying for oil, according to Trump.
- Trump stated that customers are being 'gouged' as prices at the pump do not reflect the falling oil prices.
- Oil prices have experienced dramatic swings since the US and Israel attacked Iran on 28 February.
- The Brent crude oil benchmark reached almost $120 a barrel in May but has since dropped to around $76 a barrel as peace talks progress.
- Currently, the average price of regular gasoline in the US is about $3.90 a gallon, which remains well above pre-war levels.
President Trump has initiated an investigation into major energy companies, alleging they are engaging in price gouging by failing to reduce petrol prices despite a significant drop in crude oil costs.1
"The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil," Trump stated on social media.3
He has directed the Department of Justice (DOJ) to "immediately start looking into this", expressing frustration that he expected petrol prices to decline "a lot faster than what I'm seeing."2
Oil prices have fluctuated dramatically, particularly following the US and Israel's military actions against Iran on February 28. Brent crude, the global oil benchmark, peaked at nearly $120 (£91) a barrel in May but has since fallen to around $76 a barrel as peace talks progress.567
Despite this decline, the average price of regular gasoline in the US remains elevated at approximately $3.90 a gallon, significantly above pre-war levels.8
Trump emphasized that "Those prices are dropping like a rock! In other words, customers are being 'gouged.'"4
“Trump has ordered an investigation into major energy companies for allegedly not lowering petrol prices despite falling crude oil costs. He has called on the DOJ to take immediate action on this issue.”
BBC