‘Customers are being gouged’: Trump says he has told the DOJ to investigate why gas prices are not falling as fast as oil costs

President Donald Trump has told the Justice Department to start an immediate investigation into oil companies. He claims they are not lowering gas prices at the pump, even though oil costs have dropped a lot. He announced this on Truth Social, where he accused these companies of “gouging” consumers.

In a Truth Social post sent out shortly after midnight, the President said, “The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil.” He continued, “Those prices are dropping like a rock! In other words, customers are being ‘gouged.’ I have instructed the DOJ to immediately start looking into this. Gasoline prices better start going down a lot faster than what I’m seeing!”

Trump did not name any specific companies in his post. The Justice Department did not respond to an overnight request for comment about the directive. This move comes as Americans have faced heavy financial pressure from high fuel costs. An NBC News analysis of data from AAA shows that these higher prices have led to bigger monthly expenses for many people. The added cost ranges from less than $20 to over $300 for a driver who fills up twice a month.

Gas prices have eased from last month, but stay above year-ago levels

As the data shows, the national average gas price has fallen to $3.93, down from the $4.52 average seen a month ago. However, it is still higher than the $3.22 average recorded a year ago. Even with this recent relief, the effect on household budgets remains a major concern.

The changes in energy prices are closely tied to the recent conflict involving Iran and the closure of the Strait of Hormuz, a key waterway for global oil shipments. This event caused global markets to react sharply and pushed energy prices to record highs.

In recent weeks, the picture has shifted as peace talks have moved forward. An interim deal, which includes reopening the Strait of Hormuz, has brought some relief to the markets. Not everyone is confident in the agreement, as Senator Graham has voiced doubts about the deal.

Oil prices have responded to these changes, but have yet to match pre-war levels. NBC News reports that the U.S. crude closed at $73.21 on Tuesday, which is still $6.19 higher than the price a day before the Iran War began. There is still uncertainty about the long-term stability of the interim agreement. Negotiations are ongoing to deal with complex issues, including Iran’s nuclear program and the debate over United Nations inspections of nuclear sites.

President Trump spoke about the economy during a visit to a swing district in Pennsylvania. He tried to reassure voters that costs are going down and stressed that people are in a better position than they were two years ago. 

As the midterm elections approach in November, the cost of living and the price of gas remain central topics for the administration. This directive is one of several recent moves where Trump has pressed his case publicly on matters he wants pursued.