Trump Orders Oil Price Probe As Gasoline Lags Crude Decline

US President Donald Trump has accused major oil companies of “gouging” American consumers by failing to lower gasoline prices fast enough despite a sharp decline in crude oil costs, adding he has directed the Department of Justice to investigate the industry.

The president made the announcement early Wednesday in a post on Truth Social, arguing that the drop in oil prices has not been adequately reflected at gas stations across the country.

Trump did not identify any specific companies but claimed that large oil producers were pocketing the difference between falling crude costs and still-elevated pump prices.

“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. “Customers are being gouged,” Trump added, claiming that he had instructed the DOJ to “immediately start looking into this.”

The president’s comments come as energy markets have undergone a dramatic reversal following an interim peace agreement between the United States and Iran and the reopening of the Strait of Hormuz, a critical shipping lane through which roughly one-fifth of the world’s oil supply passes.

The diplomatic breakthrough has eased concerns about supply disruptions and helped push crude oil prices sharply lower.U.S. crude oil prices have fallen approximately 23% since their peak in May and are down about 40% from highs reached in March. Gasoline prices have also declined, but at a slower pace.

The national average gasoline price stood at roughly $3.91 per gallon on Wednesday, down more than 14% from May levels.

Trump argued that the gap between falling crude costs and retail gasoline prices is too large and that consumers should be seeing more immediate relief. “Gasoline prices better start going down a lot faster than what I’m seeing,” the president said.

Gasoline prices typically lag movements in crude oil markets because fuel retailers and distributors often sell inventory purchased at earlier, higher prices.

The issue is politically sensitive as Americans continue to rank inflation and living costs among their top concerns.

Although gasoline prices have retreated from recent highs, they remain significantly above levels seen before tensions in the Middle East disrupted global energy markets earlier this year.

Trump has repeatedly emphasized lowering energy costs as a key part of his economic agenda.

His latest move suggests the administration is seeking additional ways to demonstrate action on consumer prices ahead of the November midterm elections, where Republicans are defending narrow congressional majorities.