Trump Says Gas Prices Should Be $2.25, Last Seen in 2021
Summary
President Donald Trump said that U.S. gas prices should be about $2.25 per gallon, a level last seen in early 2021. He accused major oil companies of keeping prices high despite falling oil costs and has asked the Department of Justice to investigate possible price gouging.Key Facts
- President Trump said gas prices should be around $2.25 per gallon nationwide, but the average was $3.92 as of the latest data.
- Gas prices dropped from $4.51 a month earlier but remain higher than before tensions with Iran began.
- The reopening of the Strait of Hormuz, a key route for global oil shipments, has affected oil supply and prices.
- Trump accused ExxonMobil, Chevron, Shell, and BP of price gouging, which means charging unfairly high prices.
- The Department of Justice confirmed it is investigating fuel prices to ensure they are fair for Americans.
- Oil experts say investigations of price gouging usually find little evidence and think prices will drop by the midterm elections but not below pre-pandemic levels.
- Gas prices started rising before President Biden took office due to increased demand after the COVID-19 pandemic disrupted oil production.
- Trump linked higher gas prices to actions affecting oil supply and criticized oil companies for not lowering prices enough.
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