Trump Targets Exxon, Chevron, Shell, and BP as Gas Price Probe Intensifies
President Donald Trump has escalated pressure on some of the world’s largest oil companies, accusing Exxon, Chevron, Shell, and BP of failing to pass lower crude oil prices on to American consumers. The remarks come days after the administration announced a federal investigation into potential fuel price-gouging, raising fresh concerns about the cost of gasoline across the United States.
Speaking to reporters, Trump argued that motorists should be seeing much lower prices at gas stations given the recent drop in oil prices. According to the president, gasoline should currently be selling for around $2.25 per gallon, significantly below the national average. He expressed frustration that prices at the pump have not fallen at the same pace as crude oil markets, despite weeks of declining energy costs.
Recent industry data shows that gasoline prices have been easing, although not as dramatically as the White House would like. The national average price for regular gasoline stood at nearly $3.93 per gallon on Wednesday, down slightly from the previous week but still higher than levels recorded a year ago. Fuel-tracking firm GasBuddy also reported a national average of $3.85 per gallon, while diesel prices have dropped below $5 per gallon, offering some relief to businesses and transportation operators.
Trump intensified his criticism in a post on Truth Social, claiming that oil companies were benefiting from falling crude prices without delivering equivalent savings to consumers. He described the situation as potential “gouging” and revealed that he had instructed the Department of Justice to immediately examine the issue. The president warned that gasoline prices should begin falling more rapidly, signaling that his administration intends to closely monitor the industry.
The oil industry, however, pushed back against the accusations. The American Petroleum Institute stated that retail gasoline prices do not move in direct lockstep with crude oil costs and emphasized that the sector shares the goal of providing relief to consumers. Meanwhile, a White House spokesperson maintained that temporary disruptions in energy markets were expected and suggested that fuel prices could decline further as geopolitical tensions, particularly involving Iran, continue to ease.
source: oilprice