President Trump Demands Big Oil Accountability
President Donald Trump said Wednesday that major oil companies should be cutting gasoline prices faster, arguing that drivers are not seeing enough relief at the pump even as crude oil prices fall. Oil prices climbed…
President Donald Trump said Wednesday that major oil companies should be cutting gasoline prices faster, arguing that drivers are not seeing enough relief at the pump even as crude oil prices fall.
Oil prices climbed during the war with Iran, but they have dropped since the United States and Iran announced a framework for an agreement aimed at ending the conflict.
Trump pointed to that decline in a post on Truth Social, accusing oil companies of failing to pass their lower costs on to consumers.
“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,’” he added.
Trump said he has directed the Justice Department to review the situation.
“I have instructed the DOJ to immediately start looking into this,” he wrote.
He also made clear that he expects gasoline prices to move down more quickly.
“Gasoline prices better start going down a lot faster than what I’m seeing!” Trump wrote.
According to NBC News, U.S. crude closed Tuesday at $73.21 per barrel. That marks a drop of more than 36 percent from the April peak.
Gasoline prices, however, have not fallen nearly as sharply. AAA listed the national average at $3.93 per gallon, which reflects a decline of about 13 percent.
The gap between falling crude prices and slower-moving gasoline prices has long frustrated drivers, especially during periods when oil prices drop quickly but retail prices take longer to respond. Trump is now putting direct pressure on oil companies, saying the difference amounts to consumers being overcharged.
At a rally in Pennsylvania on Tuesday, Trump said the drop in oil prices would help bring down other costs as well, according to The Hill.
“The stock market hit a new high today again, and oil, for the first time in months, hit — think of it, $70 a barrel,” Trump said.
“That equates to a very low price. That oil is going to come charging down, and with oil comes everything else,” he added.
Trump also said the recent pressure from higher energy prices was tied to the conflict with Iran, which he described as necessary to prevent the regime from obtaining a nuclear weapon.
“Remember this: we had to make this detour,” Trump said. “We had to go to Iran. Can’t let them blow up the Middle East, and then us, if that’s possible.”
His comments come as gasoline prices remain a major concern for many Americans, particularly those who rely on their vehicles for work, commuting, or family responsibilities. While crude oil prices are only one part of what determines the cost of gasoline, Trump is arguing that oil companies should be moving faster now that their own costs have dropped.