U.S. President Donald Trump has ordered the Department of Justice (DOJ) to launch an immediate investigation into major oil companies, accusing them of inflating prices at the pump despite a sharp decline in crude oil costs.
The President made this directive early on Wednesday, 24 June 2026, via a post shared on his Truth Social platform.
In the post, Trump expressed dissatisfaction with the pace at which retail fuel prices are falling compared to the global crude market.
“The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil. Those prices are dropping like a rock! In other words, customers are being ‘gouged’,” Trump wrote.
“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!” he added.
The directive follows recent diplomatic developments between the U.S. and Iran aimed at restoring shipping lanes through the critical Strait of Hormuz, which has caused global crude oil prices to tumble.
On Wednesday, the U.S. benchmark West Texas Intermediate (WTI) crude dipped below $70 per barrel for the first time since March, closing down roughly 4 per cent at $70.22.
The international benchmark, Brent crude, similarly fell by 4.2 per cent to settle at $73.83 per barrel.
Despite the plunge in crude oil benchmarks, retail gasoline prices in the United States have seen a slower decline.
According to data from the American Automobile Association (AAA), the U.S. national average for a gallon of regular gasoline stood at $3.92, down from over $4.50 a month prior, but still elevated relative to the rapid drop in crude futures.
The oil industry has strongly pushed back against the President’s allegations of deliberate price manipulation.
The American Petroleum Institute (API), an organisation representing major U.S. oil and gas corporations, stated that retail fuel prices do not instantly mirror crude oil market fluctuations.
“Gasoline prices don’t move in lockstep with crude oil, especially during a major global disruption that is still affecting supply, refining and inventories,” API spokesperson Bethany Williams clarified.
Energy experts have also weighed in, labelling the administration’s aggressive posture as a political manoeuvre ahead of the upcoming U.S. congressional midterm elections.
The U.S. Department of Justice has yet to issue a public statement regarding the implementation or scope of the mandated investigation.
(The Whistler)