Trump calls for probe into gasoline price – Business News
US President Donald Trump stated on Wednesday that he has instructed the Department of Justice to look into oil corporations for not decreasing gasoline pump costs in keeping with falling crude prices, and accused the businesses of “gouging” prospects.
Trump didn’t title any corporations in his social media post, which got here after midnight. The White House and the Justice Department (DOJ) didn’t reply to a request for additional remark exterior common business hours.
Diplomacy between the US and Iran has translated into reduction on the pump for Americans, knowledge confirmed earlier this week, with gasoline costs falling for a sixth straight week.
President Trump speaks at a Mack Trucks facility on June 23, 2026, in Macungie, Pa. AP Photo/Julia Demaree Nikhinson
However, Trump stated the autumn in gasoline costs was neither enough nor proportionate to declines in crude oil prices.
“Gasoline prices better start going down a lot faster than what I’m seeing!”
Trump’s newest post comes as shoppers raise concern over high gasoline costs, simply because the president and fellow Republicans are battling to carry slim majorities in Congress in November’s midterm elections.
The average price of gasoline within the US was $3.906 per gallon early Wednesday, GasBuddy knowledge confirmed, down more than 14% from the height in May.
By comparability, over the identical period, crude oil costs have fallen 23%, with the US and Iran reaching an interim peace deal and reopening the Strait of Hormuz, via which one-fifth of world oil provide moved earlier than the battle started.
From their peak in March, US crude costs have sunk about 40%.
Crude oil tankers, bulk carriers and vessels sit anchored round Qaboos Port on June 22, 2026 in Muscat, Oman. Getty Images
Yellow warning tape is seen wrapped round a gasoline pump at a Shell gasoline station on June 22, 2026 in Los Angeles, California. Getty Images
“The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil. Those prices are dropping like a rock! In other words, customers are being “gouged”,” Trump stated in a post on Truth Social.
“I have instructed the DOJ to immediately start looking into this.”
Pump costs stay considerably increased than the $2.764 per gallon recorded in January, more than a month earlier than the Iran battle started.
