(José Niño, Headline USA) President Donald Trump instructed the Justice Department to launch an inquiry into petroleum corporations he accused of artificially propping up gasoline prices while crude oil costs tumble, ABC News reported.
The president vented his frustrations on Truth Social, alleging that energy companies exploit motorists at the pump.
“The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil,” Trump said in a post on Truth Social. “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,” Trump continued. “Gasoline prices better start going down a lot faster than what I’m seeing!”
The Justice Department acknowledged the president’s order in comments provided to ABC News. “The price of fuel is not only a national security issue, it impacts the wallet of every American. We will always commit to ensuring affordability in this nation.”
Trump issued his directive as oil tankers and liquefied natural gas vessels began transiting the Strait of Hormuz once again.
Crude prices sustained their downward trajectory amid ongoing American and Iranian peace negotiations. Domestic oil changed hands at $70.13 per barrel, falling 4.18 percent, while international crude reached $73.74 with a 4.28 percent decline. These numbers approach pre-war benchmarks, when U.S. oil settled at $67 per barrel on the Friday before fighting erupted.
Actions by the Treasury Department authorizing greater Iranian oil exports through August 21 pushed prices lower, alongside reports of increased shipping activity through the Strait of Hormuz. The national average for regular unleaded stood at $3.90 per gallon, shedding nine cents compared to the previous week per GasBuddy.
Energy Secretary Chris Wright delivered an upbeat forecast during weekend media appearances. “I’m long out of the business of predicting oil or gasoline prices, but they will continue to head down. Flows of oil and natural gas through the straits have already returned to normal, and they will continue that way whatever happens with the negotiations with the Iranians,” Wright said on ABC News’ “This Week.”
Wright cited several dynamics working in consumers’ favor. “We’ve got growing American production, surging production in Venezuela. We’ve got cooperation with all the other energy producers of the world. So, I think Americans can expect continued declines in energy prices.”
Washington and Tehran executed a memorandum of understanding last week that seemingly resolved the months-long impasse choking the Strait of Hormuz. Roughly 20 percent of planetary oil supplies customarily flow through that Gulf passage before entering commercial circulation.
Energy expenses surged during May when American gasoline averaged $4.56 per gallon across the month based on GasBuddy statistics. Despite subsequent relief at the pump, prices remain elevated enough that Trump opted to publicly confront oil industry executives.
José Niño is the deputy editor of Headline USA. Follow him at x.com/JoseAlNino
