Trump orders DOJ probe into oil companies over gas prices, accuses industry of gouging consumers

President Trump said Wednesday that he has directed the Department of Justice to investigate oil companies for failing to lower gasoline prices fast enough despite a sharp decline in crude oil costs, accusing the industry of “gouging” American consumers.

“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 in a late-night TRUTH Social post.

“Those prices are dropping like a rock! In other words, customers are being ‘gouged.’”

The president added that he had instructed the Justice Department to “immediately start looking into this.”

Trump did not identify any specific company in his remarks, and neither the White House nor the Justice Department immediately provided additional details about what form any investigation might take.

The comments come as gasoline prices have fallen for six consecutive weeks following the easing of tensions between the United States and Iran and the reopening of the Strait of Hormuz, a critical shipping route for global energy supplies.

According to GasBuddy data, the national average price of gasoline stood at $3.906 per gallon early Wednesday, down more than 14% from its peak in May.

Crude oil prices, however, have fallen much further.

Since peaking earlier this year amid the U.S.-Iran conflict, benchmark U.S. crude prices have dropped roughly 40%. Since May alone, crude prices have declined about 23% as diplomatic negotiations reduced fears of supply disruptions and allowed oil shipments through the Strait of Hormuz to resume.

Trump argued that consumers have not seen enough of those savings reflected at the pump.

“Gasoline prices better start going down a lot faster than what I’m seeing!” the president wrote.

pic.twitter.com/ldSdD7oihe

— Rapid Response 47 (@RapidResponse47) June 24, 2026

The issue carries growing political significance as Republicans seek to defend their narrow congressional majorities heading into November’s midterm elections, with inflation and affordability remaining top concerns for many voters.

While gasoline prices have moved lower in recent weeks, consumer frustration persists in many parts of the country where fuel costs remain significantly above pre-war levels.

Trump has repeatedly touted falling energy prices as evidence that his administration’s foreign policy and economic agenda are producing results. His latest comments suggest the White House now believes oil producers and refiners should be passing through more of the savings generated by the steep decline in crude prices.

More over at The New York Post:

Trump calls for probe into gasoline price ‘gouging’ https://t.co/cOxAlco74Z pic.twitter.com/Ym7Igedv7L

— New York Post (@nypost) June 24, 2026