President Donald J. Trump has accused major oil companies of price gouging as gas prices remain high despite the reopening of the Strait of Hormuz, sparking a Department of Justice investigation.
| PULSE POINTS |
❓ WHAT HAPPENED: President Donald J. Trump has called for gas prices to return to $2.25 and accused major oil companies of price gouging. 📺 DETAIL: The price of gas has not been $2.25 since January 2, 2021. At present, the national average gas price is currently $3.92 per gallon, down from $4.51 a month ago but still significantly above the $2.98 average recorded before the Iran war, which began in late February. The President’s demand to lower the price of gas came on Wednesday amid questioning from reporters in the Oval Office. The President argued that the price of gas should come down following a peace agreement with Iran to reopen the Strait of Hormuz, a vital chokepoint in the global oil trade. Approximately 20 percent of oil exports pass through the strait. Trump accused major oil companies, such as ExxonMobil, Chevron, Shell, and BP, of price gouging to prevent a collapse in prices following the deal. He announced that the Department of Justice (DOJ) is conducting an investigation into price gouging by oil companies. “We are doing a big investigation on it, you know. They’re not reducing the prices commensurate with what’s happening. Look, we are sending out—think of it, 19 million barrels came out yesterday… Don’t gouge our people,” he said on Wednesday. 💬 KEY QUOTE: “The oil prices have been coming down so much, and we are not seeing anything at the pump by comparison to what it should be. We should be, in my opinion, at $2.25 right now at the pump. And we’re higher than that.” – President Trump 🎯 IMPACT: The DOJ investigation and public pressure could push oil companies to adjust prices more rapidly. While some experts have warned that structural factors, such as seasonal demand and supply chain costs, mean that it is unlikely that the $2.25 will be achieved in the immediate future, given the well-established relationship between the price of gas and the ease of passage through the Strait of Hormuz, it makes sense to expect a faster drop in prices than has currently been experienced. As the war between the U.S. and Iran has lasted for several months, it is possible that oil companies have used the conflict as an excuse to mark up their prices. |
"We are doing a big investigation on it," says @POTUS on potential price gouging by oil companies at the gas pump.
"They're not reducing the prices commensurate with what's happening. 19 million barrels came out yesterday. That is a FLOOD… and they should be much lower, the… pic.twitter.com/7MRS1UWq96
— Rapid Response 47 (@RapidResponse47) June 24, 2026
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