Trump Orders Investigation into Petrol Price Gouging
US President Donald Trump announced that he has directed the Department of Justice (DOJ) to initiate an investigation into major energy companies, accusing them of "gouging" customers by failing to reduce petrol prices in line with falling crude oil costs on global markets.
Trump stated on social media that he expected petrol prices to decline "a lot faster than what I'm seeing," though he did not specify any particular oil companies in his statement.
His comments follow a retreat in oil prices from the peaks reached during the Iran conflict, although prices remain elevated compared to levels before the conflict began.
The BBC has reached out to both the DOJ and the White House for further comment.
"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.'"
Oil Price Fluctuations Amid Middle East Conflict
Since the US and Israel launched attacks on Iran on 28 February, oil prices have experienced significant volatility.
In response to the US-Israeli strikes, Tehran effectively closed the critical Strait of Hormuz, a vital waterway for oil and gas shipments, causing severe disruptions and driving energy prices sharply higher.
Brent crude, the global benchmark for oil, surged to nearly $120 (£91) per barrel in May.
As peace talks have progressed, Brent crude prices have fallen to approximately $76 per barrel but remain above the pre-conflict level of around $70 per barrel.
Gasoline Prices in the US
Meanwhile, the average price of regular gasoline in the United States has decreased to about $3.90 per gallon after peaking above $4 per gallon in April. However, prices remain significantly higher than before the conflict began.
