Trump Orders Probe Into Gasoline Prices as Crude Falls, But Pump Costs Lag
U.S. President Donald Trump said on Wednesday (June 24, 2026) that he has instructed the Department of Justice to investigate oil companies for not lowering gasoline pump prices in line with falling crude costs, and accused the companies of “gouging” customers.
In a post on Truth Social, Trump 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. Gasoline prices better start going down a lot faster than what I’m seeing.”
He did not name any companies in his social media post, which came after midnight. The White House and the Justice Department did not respond to a request for further comment outside regular business hours.
The announcement comes as data showed gasoline prices falling for a sixth straight week, amid diplomacy between the U.S. and Iran that has helped ease crude costs. However, Trump said the fall in gasoline prices was neither enough nor proportionate with declines in crude oil costs.
According to GasBuddy data, the average price of gasoline in the U.S. was $3.906 per gallon on early Wednesday (June 24, 2026), down more than 14% from the peak in May. By comparison, over the same period, crude oil prices have fallen 23%, with the U.S. and Iran reaching an interim peace deal and reopening the Strait of Hormuz, through which one-fifth of global oil supply moved before the war began. From their peak in March, U.S. crude prices have sunk about 40%.
The price gap has drawn consumer concern, just as Trump and fellow Republicans are battling to hold narrow majorities in Congress in November’s midterm elections.
Analysts Predict Slow Recovery in Pump Prices
Patrick De Haan, Head of Petroleum Analysis at GasBuddy, told CBS News that prices will not return to their previous levels until at least the middle or end of next year, and that most of the oil moving through the strait after its reopening will be used to meet demand rather than replenish inventories.
De Haan had earlier warned that U.S. drivers may have to wait until 2027 for gasoline prices to fall below 79 cents per litre (about $3.00 per gallon), noting that global oil inventories could take more than a year to recover from disruptions linked to the war on Iran.
Richard Joswick, expert at S&P Global Energy, echoed that view, telling CBS News that any sharp decline in oil prices following a U.S.-Iran agreement will not immediately affect gasoline prices because rebuilding inventories will take time.
Data Points and Context
The average price of gasoline in the United States stood at $2.98 per gallon before the start of hostilities against Iran, and had climbed to about $3.90 by June 22, according to data cited by TASS.
Earlier, Trump said that about 19 million barrels of oil had passed through the Strait of Hormuz on June 22, and he noted that oil prices were declining.