US President Donald Trump called out some of the biggest names in oil firms over what drivers are paying at the pump. The president accused major energy companies of failing to pass on falling wholesale prices to everyday Americans.
DOJ examines whether gasoline customers are being overcharged
U.S. President Donald Trump has ordered the Department of Justice to investigate major oil companies, accusing them of overcharging drivers at the pump, according to BBC News. Trump named Chevron, ExxonMobil, Shell and BP during remarks at the White House on Wednesday. He told reporters that “gasoline prices should be much lower at the pump” given recent drops in wholesale oil costs. He also posted online that drivers are being “gouged” by energy firms.
A DOJ spokesperson told the BBC that “the price of fuel is not only national security issue, it impacts the wallet of every American.” The spokesperson added that the department will “always commit to ensuring affordability in this nation.” However, the DOJ did not confirm whether a formal investigation had launched.
Trump stated that fuel should cost around $2.25 per gallon right now. The average price of regular gasoline currently sits at about $3.93 per gallon. That figure peaked above $4 per gallon in April, reaching its highest level since 2022.
Wholesale oil prices have dropped significantly in recent weeks. Brent crude fell to around $74 a barrel on Wednesday after reaching nearly $120 in May. The spike followed Iran’s effective shutdown of the Strait of Hormuz in response to US-Israeli strikes in February. WTI crude, the US wholesale benchmark, also dipped to $70 a barrel on Wednesday. That price now sits close to pre-conflict levels.
The American Petroleum Institute pushed back against Trump’s claims. API spokesperson Bethany Williams said fuel prices “don’t move in lockstep with crude oil.” She added that the conflict is “still affecting supply, refining and inventories.” A White House spokesperson said Trump “has a proven track record of bringing gas prices to historic lows.” The administration remains focused on “delivering economic relief for the American people.”
