Here’s who Trump pointed the finger at.
President Donald Trump says America’s biggest oil companies should be lowering gasoline prices much faster, arguing that falling crude oil costs are not being fully passed on to consumers.
In a Truth Social post, Trump accused major energy companies of keeping prices at the pump too high even as the cost of crude oil has declined in recent days.
Trump argued that major oil companies have not lowered gasoline prices in line with the steep decline in crude oil costs. He said oil prices have “fallen dramatically” while drivers are still paying too much at the pump, adding that consumers are effectively being overcharged.
Trump also announced that he has directed the U.S. Department of Justice (DOJ) to investigate whether consumers are paying unfairly high gasoline prices.
“I have instructed the DOJ to immediately start looking into this,” Trump said. “Gasoline prices better start going down a lot faster than what I’m seeing!”
Gas Prices Remain a Top Concern for Americans
Fuel prices continue to be one of the biggest financial concerns for American families, retirees, commuters, and small business owners. Although gasoline costs have declined from recent highs, many drivers are still paying noticeably more than they were a year ago.
According to AAA, the national average price for regular gasoline was $3.928 per gallon on June 24. That is down from $4.515 one month earlier but remains well above the $3.224 average recorded during the same period last year.
For millions of Americans, higher fuel costs continue to affect household budgets, vacation travel, and everyday expenses.
Oil Prices Have Fallen
One reason Trump says gasoline prices should be declining faster is the recent drop in crude oil prices.
West Texas Intermediate (WTI) crude oil futures traded around $71 per barrel on Wednesday morning after retreating from highs reached during heightened tensions in the Middle East.
NBC News also reported that U.S. crude settled at $73.21 per barrel on Tuesday, roughly $6 higher than prices immediately before the United States launched military strikes against Iran earlier this year.
Energy markets have remained volatile as investors continue monitoring developments involving Iran and global oil supplies.
Trump Orders DOJ Review
Trump’s latest comments signal that his administration plans to take a closer look at how gasoline prices are determined.
The president argues that when crude oil prices fall sharply, consumers should quickly see relief at local gas stations. His announcement suggests federal officials will examine whether pricing practices are preventing those savings from reaching American drivers.
The directive comes just days after Trump signed a Memorandum of Understanding related to Iran, as the administration continues to monitor developments affecting global energy markets.
What Happens Next?
Whether gasoline prices continue falling will depend on several factors, including crude oil prices, refinery production, transportation costs, seasonal demand, and international events.
For now, Trump is making clear that he expects lower oil prices to translate into lower prices at the pump—and he wants federal investigators to determine whether American consumers are paying more than they should.
As fuel prices remain one of the most closely watched economic indicators, many Americans will be watching to see whether Trump’s call for an investigation leads to additional action or lower costs in the weeks ahead.