President Donald Trump said Wednesday that he had instructed the Justice Department to immediately probe oil companies for not lowering gas prices at the pump in line with falling costs, accusing them of “gouging” consumers.
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Trump did not name any companies in his late-night message on Truth Social, which was posted shortly after midnight.
“The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil,” Trump wrote. “Those prices are dropping like a rock! In other words, customers are being ‘gouged.’ I have instructed the DOJ to immediately start looking into this. Gasoline prices better start going down a lot faster than what I’m seeing!” he added.
In response to the President’s message, the American Petroleum Institute, which represents all of the major U.S. oil and gas companies, said the industry “shares the goal of delivering relief at the pump and restoring stability to global energy markets.”
But, “gasoline prices don’t move in lockstep with crude oil, especially during a major global disruption that is still affecting supply, refining and inventories,” API spokesperson Bethany Williams said.
“Our focus remains on supporting market stability and delivering the energy consumers need,” she added.
Asked for comment, a DOJ spokesperson said, “The price of fuel is not only a national security issue, it impacts the wallet of every American. We will always commit to ensuring affordability in this nation.”
Trump’s war in Iran and Tehran’s subsequent closure of the Strait of Hormuz rocked global markets and sent energy prices soaring, resulting in higher gas prices for Americans at the pump.
That has translated into concerns that consumers may punish Republicans in November’s midterm elections.
While prices have eased in recent weeks amid peace talks and news of an interim deal that would include reopening the waterway, through which one-fifth of the global oil supply is moved, traffic through the Strait remains a sliver of what it was before the war.
