Trump accuses big oil firms of price-gouging drivers

President Donald Trump has accused major oil companies of "gouging" American drivers, ordering the Department of Justice to investigate allegations of price manipulation. Trump stated that gasoline prices should be considerably lower, pointing to a significant drop in wholesale oil costs on global markets. He specifically named Chevron, ExxonMobil, Shell, and BP, asserting that pump prices have not fallen in line with the decrease in crude oil expenses. "Oil prices have come down so much and we are not seeing anything at the pump by comparison the way they should be," Trump told reporters. He believes prices should be around $2.25 per gallon, significantly lower than the current average. The American Petroleum Institute (API) responded by stating that fuel prices do not directly mirror crude oil costs and that the ongoing conflict is still affecting supply and inventories. A DOJ spokesperson indicated they would look into the matter, emphasizing the impact of fuel prices on national security and American wallets. The White House reiterated Trump's commitment to ensuring affordability and highlighted his past success in lowering gas prices. Oil prices had surged following the US-Iran conflict, with Brent crude reaching nearly $120 a barrel in May, but have since fallen below $74, though still higher than pre-conflict levels.

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gasoline prices should be much lower at the pump