Lead

Donald Trump has instructed the US Department of Justice to investigate oil companies for alleged price gouging, accusing them of not lowering gas prices quickly enough even as oil prices decline. The president's directive came in a late-night post on Truth Social, in which he wrote: "The big oil companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for oil. Those prices are dropping like a rock! In other words, customers are being 'gouged.' I have instructed the DOJ to immediately start looking into this," as reported by The Guardian and TASS.

Coverage Comparison

The investigation was first reported by The Guardian, which said Trump made the announcement in a social media post late Tuesday night. TASS, the Russian state news agency, also covered the announcement, noting that Trump expressed dissatisfaction with the pace of falling oil prices in the US and confirmed that he had authorized a probe into the situation.

In related remarks, Treasury Secretary Scott Bessent issued a veiled warning to oil and gas companies to lower their prices, as detailed in a separate Guardian report. Bessent, speaking on Fox News on Tuesday morning, said: "I would encourage them to be good actors, especially in the 250th anniversary, because we're watching." He added that oil companies were likely making "record profits" and that it was "time to do something for the American people."

Trump echoed this sentiment in a Truth Social post on Monday, writing: "Gasoline Retailers must get their Prices down, IMMEDIATELY! They're too high considering that Oil is now at $68 a Barrel, and heading south." He reportedly demanded that retailers target $2.50 a gallon.

TASS highlighted a separate claim by Trump that around 19 million barrels of oil exited the Strait of Hormuz on June 22, with the president saying: "Oil prices are tumbling down, and the world is a much safer place."

Key Claims

  • Trump instructed the Justice Department to investigate oil companies for alleged price gouging, saying they were not lowering prices "commensurate with the sharply lower prices they are paying for oil."
  • Oil prices have softened in recent weeks as the US and Iran work through peace talks, according to The Guardian. The two countries reached a 60-day ceasefire agreement last week, and the Strait of Hormuz has reopened, though traffic remains lower than pre-conflict levels.
  • Gas prices around the world have fallen, The Guardian reported. Brent crude has dropped below $75 for the first time since the start of the conflict, and US average gas prices have fallen from a peak of $4.56 per gallon in May to $3.92, according to the same report. A separate Guardian piece noted the national average had dipped to $3.85, still above last year's Fourth of July levels.
  • A record-high 72 million people are expected to travel during the Fourth of July holiday, and domestic car rentals are 10% more expensive than last year, according to The Guardian.
  • No further details on the investigation have been released, The Guardian reported.