Trump Calls for Investigation into Gas Price Gouging

President Donald Trump has urged the Department of Justice to quickly launch an investigation into potential gas price gouging. This call comes as gas prices have begun to decline following the reopening of the Strait of Hormuz amid U.S.-Iran negotiations.

“Major oil companies aren’t reducing prices in line with the sharp drop in oil costs. Prices are plummeting!” Trump stated in a Truth Social post on Wednesday morning. “In other words, customers are being ‘gouged out.’”

He added, “I have directed the Department of Justice to immediately start an investigation. Gasoline prices had better start dropping soon!”

After the first Memorandum of Understanding was signed between the United States and Iran, the price of U.S. benchmark WTI crude oil fell below $70 a barrel, down from roughly $112 in April.

As of Wednesday, the average gasoline price in the U.S. was approximately $3.93 per gallon. This marks a decrease from last month’s $4.52, but it remains over $0.70 higher than the average price from a year ago, according to AAA.

The reopening of the Strait has improved crude oil and gasoline supplies, although reserves faced depletion during military actions in the Middle East as countries aimed to mitigate rising prices.

In another post on Wednesday, Trump mentioned that Iran has committed to not imposing tolls on ships navigating the crucial waterway, which should enhance shipping routes from the oil-rich nation for exports globally.

“Iran has informed the U.S. that, despite misleading reports by certain media outlets, there will be no tolls, insurance fees, or any other charges for ships passing through the Strait of Hormuz. If this information is incorrect, negotiations will end immediately!” he stated.