Trump instructs DOJ to probe oil companies over higher gasoline prices

The drop in oil prices came as U.S. President Donald Trump increased pressure on major oil companies. Trump said he has directed the Department of Justice (DOJ) to immediately investigate whether oil companies are unfairly keeping gasoline prices high for consumers, according to a post on Truth Social.

Oil companies under pressureTrump accused oil companies of not passing lower crude oil prices on to drivers. He said oil companies are paying much less for crude oil but are not cutting prices at gas stations fast enough. The president claimed consumers are being “gouged” at the pump. Trump further mentioned that customers are being overcharged because gasoline prices are not falling in line with the sharp decline in oil prices.

Trump warned that gasoline prices should fall much faster. He said he instructed the DOJ to begin looking into the issue immediately and suggested gas station prices should already be moving lower. The pressure comes as Americans continue to deal with higher fuel costs linked to the Iran conflict. The effective closure of the Strait of Hormuz, one of the world's most important oil shipping routes, created fuel supply concerns and pushed energy prices higher.