Trump says DOJ will 'immediately' look into price gouging at the gas pump
Summary
President Donald Trump has ordered the U.S. Department of Justice (DOJ) to quickly investigate oil companies for not lowering gasoline prices as much as the cost of oil has dropped. This action follows recent decreases in oil prices due to improved U.S.-Iran relations and increased oil flow through the Strait of Hormuz.Key Facts
- President Trump said oil companies are not reducing gas prices at the pump fast enough compared to the lower cost of oil.
- He instructed the DOJ to begin an immediate investigation into possible price gouging by oil companies.
- A DOJ spokesperson confirmed the importance of affordable fuel for Americans and pledged commitment to price fairness.
- Oil prices have dropped recently, with U.S. oil trading near $70 per barrel and global oil near $74.
- Lower oil prices are linked to resumed oil shipments through the Strait of Hormuz due to a U.S.-Iran preliminary agreement.
- The average gas price in the U.S. is currently $3.90 per gallon, down 9 cents from last week.
- Secretary of Energy Chris Wright said oil and gas flows through the Strait of Hormuz have returned to normal.
- Increased oil production in the U.S. and Venezuela, along with global cooperation, is expected to keep energy prices declining.
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