President Donald Trump has directed an official inquiry into top energy corporations, alleging they are exploiting consumers by failing to lower fuel prices despite a significant decrease in global wholesale oil costs. During a briefing at the White House, Trump explicitly mentioned Chevron, ExxonMobil, Shell, and BP, stating that retail gasoline prices should be substantially lower than current levels.
These comments follow a decline in wholesale oil prices, which have returned to levels comparable to those seen prior to the conflict between the US, Israel, and Iran. While Brent crude recently dropped to approximately $74 per barrel, domestic retail gasoline prices remain near $3.93 per gallon. Trump remarked that he believes consumers are being mistreated and has requested the Department of Justice to investigate the matter immediately.
The American Petroleum Institute, representing industry interests, countered these claims by explaining that fuel prices do not always mirror crude oil costs instantly, noting that supply, refining, and inventory factors are still impacted by the recent geopolitical tensions. A representative for the Department of Justice acknowledged the economic importance of fuel affordability but stopped short of confirming that a formal investigation had commenced.
