President Trump orders DOJ investigation into major oil companies over gas prices

President Trump said he instructed the U.S. Justice Department to investigate whether major oil companies are keeping gasoline prices too high by failing to lower pump prices in line with falling crude costs. In a Truth Social post early this morning, he said oil prices were “dropping like a rock” but pump prices were not falling commensurately, adding that consumers were being “gouged.” He did not identify any companies or provide details of the probe. Crude has fallen from $104 a barrel to just under $76 over the past month, a drop of 27%, while AAA data show the national average price for regular gasoline at $3.93 a gallon, below $4 for the first time since March 30. A month ago, regular gasoline averaged $4.52 a gallon and diesel $5.62; diesel has since slipped to just below $5. The slower decline in pump prices partly reflects the lag with which lower oil costs pass through to retail fuel prices, though supply uncertainty tied to Middle East tensions and shipping disruption through the Strait of Hormuz has also kept the market on edge.