WASHINGTON, June 30 (ANI) — President Donald Trump urged gasoline retailers to immediately lower fuel prices, warning of “big problems” for businesses that fail to reduce costs despite declining crude oil prices.
Trump said gasoline prices remain too high given current market conditions and emphasized that retailers should quickly pass lower oil prices on to consumers.
In a message posted Monday on Truth Social, the president called on gas stations to align pump prices with the downward trend in global oil markets.
“Gasoline Retailers must get their Prices down, IMMEDIATELY! They’re too high considering that Oil is now at $68 a Barrel, and heading south. The Retailers must quickly react to this statement, and do what they know is right — DROP YOUR PRICE FOR OUR GREAT AMERICAN PEOPLE!” Trump wrote.
He also warned that the federal government would increase scrutiny of pricing practices to prevent illegal price gouging.
“There will be no gouging, which is totally illegal. If Retailers don’t do this, big problems lie ahead! Start targeting around the $2.50 a Gallon number, and California should stop charging such heavy Taxes on their Gasoline. Soon the Tax will be higher than the Product itself, and the United States will not stand for it, nor will the People of California, who are being abused by these ridiculous Taxes, and by their own Government,” he added.
The comments follow Trump’s announcement last week that he had directed the Department of Justice to investigate whether energy companies were intentionally keeping retail gasoline prices elevated despite falling crude oil prices. He accused the companies of price gouging consumers.
Global energy markets experienced significant volatility earlier this year after coordinated U.S. and Israeli military strikes on Iran prompted retaliatory attacks by Tehran against Israel and Gulf nations hosting U.S. military installations.
The escalation raised concerns about potential disruptions to shipping through the Strait of Hormuz, a critical global energy transit route, driving crude oil prices higher.
Public concern over fuel prices remains elevated as Trump and Republican lawmakers seek to maintain their narrow congressional majorities ahead of the November midterm elections.
More recent diplomatic efforts between Washington and Tehran aimed at reducing regional tensions have contributed to a gradual decline in retail gasoline prices across the United States.
Earlier U.S. and Israeli military operations targeting Iranian assets, along with Israeli operations in Lebanon, resulted in thousands of casualties and widespread displacement before a ceasefire agreement was reached in April.
Although the ceasefire remains in effect, Washington and Tehran continue to accuse each other of violating its terms.
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