Trump Targets Big Oil
Trump orders a DOJ look at alleged gas price gouging as prices stay elevated.
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Updated Jun 24, 5:39pm ETBoth sides, every morning
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The reporting
Mostly RightPresident Donald Trump ordered the Justice Department to immediately investigate major oil companies for alleged gasoline price gouging, accusing them of failing to lower pump prices as quickly as crude prices have fallen. Trump said “big Oil Companies” are not cutting retail prices commensurate with the sharply lower prices they are paying for oil, declaring that gasoline prices “better start going down a lot faster.” The demand comes as oil prices retreat following U.S.-Iran negotiations, a reopening of the Strait of Hormuz and moves toward a truce or framework to end the conflict that had pressured energy markets. The probe puts new pressure on energy companies as the White House seeks faster relief for drivers at the pump.
Analysis & opinion
Policy And PricesMostly Left
Analysts say gasoline prices often lag crude oil declines because of refining, distribution, inventories and regional market factors, even after a reported 49-cent average drop over the past month. Democrats seized on Trump’s price-gouging claim to promote a windfall excess profits tax on Big Oil, arguing that federal action should go beyond a Justice Department investigation.
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