Trump says he’s ordered investigation into oil companies over alleged price gouging
Summary
President Donald Trump has ordered the US Department of Justice to investigate oil companies for allegedly keeping gas prices too high, despite a drop in oil costs. Gas prices have decreased recently due to peace talks between the US and Iran, but remain higher than last year.Key Facts
- President Trump said oil companies are not lowering gas prices enough as oil costs fall.
- He told the Department of Justice to start an investigation into possible price gouging.
- Oil prices dropped after a 60-day ceasefire agreement between the US and Iran reopened the Strait of Hormuz.
- US gas prices fell from $4.56 per gallon in May to about $3.92 per gallon now.
- Last year’s gas price average was $3.22 per gallon, which is still lower than current prices.
- Inflation in the US hit 4.2% in May, partly because of high gas prices.
- Experts doubt gas prices will return to prewar levels soon due to reduced oil production and refining capacity.
- President Trump supports lowering interest rates, but the Federal Reserve plans to raise them once this year because of inflation.
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