WASHINGTON — President Trump called on the Justice Department to investigate large oil companies over elevated gasoline prices despite the cost of crude going down now that the Strait of Hormuz has been reopened.
“The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil,” Trump declared on Truth Social. “Those prices are dropping like a rock! In other words, customers are being ‘gouged.’”
“I have instructed the DOJ to immediately start looking into this. Gasoline prices better start going down a lot faster than what I’m seeing!”
President Trump speaks at a Mack Trucks facility on June 23, 2026, in Macungie, Pa. AP Photo/Julia Demaree NikhinsonExperts had claimed that it would take a few weeks for lower crude prices to trickle down to the gas pump.
Brent crude prices slipped to just over $72 a barrel of oil as of Wednesday morning. For context, it peaked at $118 a barrel back in April.
But gasoline prices remain at $3.92 a gallon on average nationally, according to the latest data from the American Automobile Association. Gas prices had peaked at about $4.56 a gallon in May.
Trump’s big gripe is that gas prices aren’t falling quickly enough relative to crude.
Crude oil prices have dropped some 23% since May, while gasoline prices have fallen about 14%.
Before the war in Iran began, gas prices had dipped below $3 a gallon. Prices have slowly begun to drop since the announcement of the memorandum of understanding with Iran earlier this month.
Gas prices have dropped nationally for the sixth consecutive week.
The MOU ensured that the Strait of Hormuz, where nearly a fifth of the world’s seaborne oil supplies once flowed through annually, reopened.
Crude oil tankers, bulk carriers and vessels sit anchored around Qaboos Port on June 22, 2026 in Muscat, Oman. Getty ImagesWhile ships have once again begun traversing the critical waterway, its central channel is not fully open due to lingering concerns about mines, which the US and Iran are working to address, according to Energy Secretary Chris Wright.
There are also concerns about Iran requiring commercial ships to take out insurance to travel through the waterway,
The Post previously reported. Although the price is free for the 60-day cease-fire extension period under the MOU, there are concerns that Iran could later jack up prices afterward.
Trump’s big gripe is that gas prices aren’t falling quickly enough relative to crude. Getty ImagesTrump has insisted that there will be no charges of any kind from Iran, or else, the US will stop negotiations with Iran for a full-fledged peace deal.
“Iran has informed the U.S. that, despite troublemaking Fake News reporting to the contrary, there are ‘NO TOLLS, NO INSURANCE COSTS, & NO OTHER CHARGES OF ANY KIND BEING SOUGHT OR RECEIVED BY IRAN ON SHIPS TRAVELING THE STRAIT OF HORMUZ,'” Trump declared on Truth Social Wednesday.
“If this is false information, negotiations would end, immediately!”
The Biden administration had similarly threatened to target companies for possible gouging when it grappled with high levels of inflation.
