America
Trump Targets Exxon & Chevron in Gasoline Price Probe
U.S. President Donald Trump said he has directed the Justice Department to investigate oil companies, including Exxon Mobil and Chevron, over gasoline prices, accusing the industry of failing to pass on lower crude costs to consumers.
Key Highlights
- Trump ordered the DOJ to probe big oil companies on their gasoline pricing.
- The probe involves Exxon Mobil Corp and Chevron
- Trump claimed pump prices have not dropped in accordance with falling crude oil prices.
U.S. President Donald Trump has ordered the Department of Justice (DOJ) to launch a Trump DOJ probe against Exxon and Chevron gasoline price gouging. He accused that gasoline prices at US gas stations have been rising, despite falling crude costs.
The Trump administration subsequently posted a video on X where Trump referred directly to Exxon Mobil and Chevron. Trump said: “Oil prices are down right now, and we are not seeing anything at the pump.”
Trump Challenges the Dead Weight Between Crude and Pump Price
Consumers have raised concerns over high gasoline prices as the President and his fellow Republicans fight to get a majority in Congress in the November midterm elections.
However, Trump accused oil companies of ripping off customers in a post, saying that pump prices had remained high while oil prices were declining. Then he asked for an instantaneous DOJ gasoline probe into big producers’ pricing practices.
Import Fuel Prices Still Higher than January Levels
It has been reported by AAA, the U.S. national average for a gallon of gasoline was $3.93 on Wednesday. The downward trend has seen prices nearly 14% lower than the level in May, but they remain above $2.76 per gallon at the start of January.
US crude oil prices, including WTI US oil, fell 36% from May highs amid an interim peace agreement between the US and Iranian authorities, reopening of the Strait of Hormuz.
The American Petroleum Institute spokesperson Bethany Willioms said gasoline prices don’t move in direct conflict with crude oil prices, especially during a global disruption that is affecting refining and inventories.
Source: Reuters
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