US to probe petrol price gouging claims, Trump says
Summary
President Donald Trump has ordered the Department of Justice to investigate major energy companies for potentially charging high petrol prices despite a fall in crude oil costs. He claims that petrol prices have not dropped as much as expected after the recent decrease in oil prices following the Iran conflict.Key Facts
- President Trump asked the DOJ to start an immediate probe into petrol price gouging by big oil companies.
- He said petrol prices are not falling as fast as crude oil prices on global markets.
- Oil prices spiked after the US and Israel attacked Iran, which led to Tehran closing the Strait of Hormuz, disrupting oil shipments.
- Brent crude oil price reached nearly $120 a barrel in May but recently dropped to about $76 a barrel.
- The average price of regular gasoline in the US dropped from over $4 a gallon in April to about $3.90 but is still higher than before the Iran conflict.
- Trump’s social media post did not name any specific oil companies.
- The situation follows peace talks that have helped reduce oil prices but not to pre-conflict levels.
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