Trump Orders Probe Into Oil Companies Over High Gasoline Prices Despite Falling Crude Oil Costs

US President Donald Trump has sharply criticized oil companies and gas station operators for failing to pass on the benefits of falling crude oil prices to consumers, ordering the Department of Justice to investigate the matter.

According to international media reports, President Trump accused major oil companies of keeping gasoline prices artificially high despite a significant decline in global crude oil prices.

In a statement posted on his social media platform, Truth Social, Trump said consumers were not receiving the benefits of lower oil prices. He expressed frustration that while crude oil prices were dropping rapidly, motorists were still paying elevated prices at gas stations.

“Oil companies are buying crude at lower prices but are not reducing gasoline prices accordingly,” Trump said, adding that crude prices were “falling like a rock” while consumers continued to be charged more.

The president described the situation as exploitation of consumers and warned that legal action could follow if wrongdoing is found. He directed the Department of Justice to determine whether oil companies are intentionally generating excessive profits at the expense of the public.

Although Trump did not name any specific company, he insisted that consumers should directly benefit from the decline in global oil prices.

If investigators find evidence of anti-competitive practices or price manipulation, oil companies could face substantial fines and legal penalties. Such findings could also lead to further reductions in gasoline prices across the United States.

Meanwhile, the American petroleum industry rejected the allegations. A spokesperson for the industry group said gasoline prices do not immediately track changes in crude oil prices because refining, transportation, storage, and supply chain factors also influence fuel costs.

The organization added that the industry supports providing relief to consumers and maintaining stability in global energy markets. However, it noted that the effects of the recent Iran conflict continue to impact supply chains, refining operations, and inventories, limiting the speed at which prices can fall.

Oil prices surged earlier this year after military tensions involving Iran disrupted shipping through the Strait of Hormuz, a key route for global energy supplies. During the conflict, Brent crude oil reportedly climbed to nearly $120 per barrel.

Since the ceasefire and progress in US-Iran negotiations, oil prices have steadily declined. Brent crude has fallen below $74 per barrel, while US benchmark West Texas Intermediate (WTI) crude has dropped to around $70 per barrel. Despite the decline, both benchmarks remain above their pre-conflict levels.

Average gasoline prices in the United States have eased to approximately $3.93 per gallon in recent weeks, down slightly from around $4.00 per gallon recorded in April. However, prices remain noticeably higher than they were before the conflict.

Trump is not the first leader to accuse oil companies of profiteering during periods of market volatility. Similar concerns were raised in the United Kingdom following the outbreak of the Iran conflict. However, British competition regulators later reported that they found no evidence of widespread profiteering and no unusual increase in average profit margins among fuel retailers.