President Donald Trump is turning his attention from global energy markets to local gas stations, arguing that consumers are not seeing the full benefit of falling oil prices at the pump.
In a Truth Social post Wednesday, Trump accused major oil companies of failing to lower gasoline prices at a pace that matches the sharp decline in crude oil costs.
“The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil,” Trump wrote.
“Those prices are dropping like a rock! In other words, customers are being ‘gouged,’” he added.
Trump said he has directed the Department of Justice to investigate the issue.
“I have instructed the DOJ to immediately start looking into this,” the president posted.
“Gasoline prices better start going down a lot faster than what I’m seeing!”
The comments come after oil prices retreated significantly following a period of volatility tied to tensions with Iran. Crude oil surged during the conflict but has moved sharply lower since the United States and Iran announced a framework agreement aimed at ending hostilities.
THE US JUST ORDERED A DOJ PROBE INTO BIG OIL. READ THAT AGAIN:
Trump announced this at 12:12 AM — not through a press secretary, not through a policy memo. A midnight public statement ordering the Department of Justice to open an investigation.
Do you understand what that… pic.twitter.com/7zs8DCMER4
—
Edward T. Winslow (@EdwardTWinz) June 24, 2026
According to reports, U.S. crude settled at $73.21 per barrel on Tuesday. That represents a decline of more than 36 percent from its peak earlier this year.
Gasoline prices, however, have not fallen nearly as dramatically.
AAA listed the national average price of regular gasoline at $3.93 per gallon, down approximately 13 percent from recent highs. That gap between falling crude prices and more gradual declines at gas stations is what appears to have drawn Trump’s attention.
Economists often note that gasoline prices do not move in perfect lockstep with crude oil. Refining costs, transportation expenses, regional supply conditions, taxes, and retail competition can all affect how quickly price changes reach consumers. Still, Trump argues that the difference is large enough to warrant scrutiny.
Speaking at a rally in Pennsylvania on Tuesday, Trump highlighted the broader economic implications of lower energy costs.
“The stock market hit a new high today again, and oil, for the first time in months, hit — think of it, $70 a barrel,” he said.
“That equates to a very low price. That oil is going to come charging down, and with oil comes everything else.”
The president emphasized that energy prices influence nearly every sector of the economy, from manufacturing and transportation to food and consumer goods. Lower fuel costs can reduce expenses throughout supply chains, potentially easing prices for households and businesses alike.
As usual Gasoline lags.
Oil companies are quick to jam up the prices at the pump when a supply shock hits. And are very slow to bring prices back down as the shock dissipates.
President Trump is right to point this fact out. pic.twitter.com/F0qW2uz1W9
— James E. Thorne (@DrJStrategy) June 24, 2026
Trump also defended the temporary increase in energy prices that occurred during the confrontation with Iran, arguing that the strategic objective justified the economic impact.
“Remember this: we had to make this detour,” Trump told supporters. “We had to go to Iran. Can’t let them blow up the Middle East, and then us, if that’s possible.”
Whether the DOJ ultimately pursues any formal action remains unclear. For now, Trump’s message to the oil industry is straightforward: if crude prices continue falling, Americans should start seeing bigger savings at the gas pump as well.
