US President Donald Trump ordered the Department of Justice to investigate fuel prices after accusing oil companies of keeping gasoline prices high despite lower crude prices.
Trump announced the directive on Truth Social on June 24. He said oil companies were not reducing pump prices in line with the sharply lower prices they were paying for oil.
“The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil,” Trump wrote.
He said customers were being “gouged” and said he had instructed the Department of Justice to “immediately start looking into this.”
Trump said gasoline prices should fall faster than they are now. He did not name specific oil companies in the statement. The Trump fuel price probe follows a period of elevated US fuel prices after disruptions linked to the US-Iran conflict earlier in 2026.
The conflict closed the Strait of Hormuz, pushing crude oil prices sharply higher amid supply concerns.
Oil benchmarks rose during the conflict, lifting the national average gasoline price above pre-war levels. Prices later eased after de-escalation and the reopening of shipping routes.
Read: Oil Prices Fall Over 1% as Hormuz Tankers Move
Retail gasoline prices have not fallen as quickly as crude costs, the report said. Energy analysts said full normalisation at the pump could take more time. They cited inventory replenishment, refining margins and seasonal demand as factors.
Trump’s directive put pressure on oil companies as motorists continued to face higher fuel costs. The Department of Justice had not announced specific enforcement action. The scope and timeline of the review were not immediately detailed.
