Kirkland Gas Station, West Palm Beach, Florida, filling tank at gas pump. (Photo by: Lindsey Nicholson/UCG/Universal Images Group via Getty Images)
President Donald Trump is accusing major oil companies of failing to pass along falling crude oil prices to consumers, suggesting motorists are being overcharged at the pump.
In an overnight post on his Truth Social account, Trump said he has directed the Department of Justice to immediately investigate large oil companies over fuel pricing.
Trump via Truth Social
"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.
He added that crude oil prices are dropping "like a rock" and suggested consumers are being "gouged" as gasoline prices have not declined at the same pace.
The backstory:
Fuel prices have eased in recent days after global markets responded positively to a peace agreement that reopened shipping through the Strait of Hormuz, one of the world’s most critical oil transit routes.
In the United States, the national average price of gasoline fell below $4 per gallon last week for the first time since the conflict began
Trump concluded his Truth Social post demanding that gas prices "better start going down a lot faster:"
What we don't know:
No specific oil company was named by Trump and the White House did not respond to a Reuters request for further comment.
The Source: This story was written with information provided by Reuters and Truth Social. This story was reported from Orlando.