U.S. President Donald Trump criticized major oil companies on Wednesday for failing to reduce gasoline prices despite a sharp decline in crude oil prices following the reopening of the Strait of Hormuz.
In a post on Truth Social, Trump accused oil companies of overcharging consumers and said the Department of Justice (DOJ) would investigate the matter.
“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. He added, “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!”
Trump’s remarks came as global oil prices continued to fall after shipping traffic resumed through the Strait of Hormuz, one of the world’s most important oil transit routes. Market analysts reported that crude prices dropped significantly as concerns over supply disruptions eased following recent diplomatic developments between the United States and Iran.
The President argued that lower crude oil costs should translate into faster relief for American consumers at gas stations. According to industry data, gasoline prices have declined in recent weeks but not at the same pace as crude oil prices.
The White House has not released additional details about the planned DOJ investigation. Oil industry representatives have not yet responded publicly to Trump’s accusations.
Fuel prices remain a key political issue in the United States, where millions of Americans rely on personal vehicles for daily transportation.
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