Trump Orders DOJ Probe Into Oil Companies Over Price 'Gouging'

Trump ordered the Department of Justice in a late-night post to investigate oil companies slowly dropping gas prices as oil prices have dropped nationwide.

How much have the prices dropped? 

Oil prices are an estimated $73.93 per barrel. One month ago, prices sat at $100.73. In Texas, the average price of regular gas is $3.3760 per gallon. One month ago, it was $4.0390.

What did the President say? 

• Trump via Truth Social: "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!"

Following a signed Memorandum of Understanding over a week ago after the reopening of the Strait of Hormuz, gas prices have seen a steady drop.

The continued uncertainty in the Middle East has led prices to not drop near the same they were before the war in Iran, where a gallon of regular gas at the pump cost about $2.8560 a year ago.

"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 via Truth Social. "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!"

Trump is now calling for an investigation into the oil companies, as Americans wait for gas prices to drop since the fighting began in February.