United States President Donald Trump has ordered an investigation into major oil companies over persistently high gasoline prices, accusing them of failing to pass on lower crude oil costs to consumers despite recent declines in global oil prices.
Trump made the announcement on Wednesday through a post on his Truth Social platform, amid growing criticism over the economic impact of the recent Middle East conflict and its effect on American households.
According to the President, oil companies have continued to maintain elevated pump prices despite paying significantly less for crude oil.
“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.
The development comes months after global oil markets experienced significant volatility following Iran’s decision to disrupt oil shipments through the strategic Strait of Hormuz in response to military strikes carried out by the United States and Israel earlier in the year.
The disruption triggered a sharp increase in petroleum prices worldwide, raising concerns about inflation, energy security and the cost of living in major economies.
Gasoline prices remain a highly sensitive political issue in the United States, where millions of citizens depend on fossil fuel-powered vehicles for daily transportation.
The Trump administration has come under increasing pressure from critics who argue that the conflict in the Middle East contributed to rising fuel costs and placed additional strain on American consumers ahead of the congressional elections scheduled for November.
Throughout the crisis, Trump repeatedly assured Americans that fuel prices would decline rapidly once hostilities eased.
However, several economists have disputed those projections, arguing that energy markets typically require time to stabilise and that prices are unlikely to return immediately to pre-conflict levels.
Although Tehran and Washington have reached an initial agreement that allows the resumption of oil tanker movements through the Strait of Hormuz, negotiations on other issues, including Iran’s nuclear programme, remain unresolved.
Since the announcement of the preliminary agreement, fuel prices have moderated somewhat but remain above the levels recorded before the outbreak of hostilities.
Data from the American Automobile Association (AAA) showed that the national average price for a gallon of regular gasoline stood at $3.93 on Tuesday.
The President has also faced criticism from some Americans who accuse his administration of spending billions of taxpayer dollars on military operations abroad while domestic economic challenges, including inflation and energy costs, continue to affect households.
The planned investigation is expected to examine whether major oil companies are engaging in price practices that unfairly burden consumers despite falling crude oil costs.
The White House has not yet disclosed the agencies that will oversee the investigation or whether regulatory action could follow the findings.
