🚨 Trump orders gas price gouging probe as pump prices fall more slowly than crude oil 🚨
President Donald Trump has ordered the Justice Department to investigate possible gasoline price gouging, saying oil companies are not lowering pump prices fast enough compared with the drop in crude oil costs. The move comes as U.S. gas prices have fallen for six straight weeks amid easing tensions around the Strait of Hormuz.
🔑 Key highlights:
🔹️ Trump said he instructed the DOJ to immediately investigate possible gas price gouging.
🔹️ He argued that oil companies are not reducing pump prices in line with the sharp drop in crude oil prices.
🔹️ U.S. gasoline prices have declined for six consecutive weeks.
🔹️ The national average price for regular gasoline fell by $0.141 last week to $3.85, according to GasBuddy data cited in the article.
🔹️ The article says lower crude prices were driven by expectations that U.S.-Iran diplomacy would ease tanker disruptions in the Strait of Hormuz.
🔹️ At the time of writing, Brent crude was quoted at $76.46 per barrel and WTI at $72.61.
🎯 Bottom Line: Trump has launched a federal probe into whether gas stations and oil companies are cutting prices too slowly as crude falls.
https://oilprice.com/Latest-Energy-News/World-News/Trump-Orders-Gas-Price-Gouging-Probe.html