Oil Falls to $76.38 as Trump Orders DOJ Investigation Into Gasoline Pricing
Brent crude dropped 0.91% to $76.38 per barrel while President Trump instructed the Department of Justice to investigate oil companies for alleged consumer gouging, saying retail gasoline prices have not declined proportionately with crude costs.
Brent crude fell 0.91% to $76.38 per barrel and West Texas Intermediate declined 0.94% to $72.52 during Asian trading hours Wednesday, extending losses as supply disruption concerns eased and President Donald Trump ordered a federal investigation into gasoline pricing practices [1]. Trump wrote on Truth Social that oil companies are not reducing pump prices proportionately to crude declines, adding "customers are being 'gouged'" and directing the Justice Department to investigate immediately [1].
Karen Young, senior research scholar at Columbia University's Center on Global Energy Policy, called the directive "political theater" and noted that state and local taxes plus refinery lead times mean pump prices typically lag crude movements by several weeks [1]. The crude selloff accelerated after the International Maritime Organization announced that more than 11,000 stranded seafarers would exit the Persian Gulf through the Strait of Hormuz following secured safety guarantees from Iran, Oman, the United States, and regional coastal states [1]. Oil initially dipped below $80 per barrel on news of a U.S.-Iran agreement ending their conflict, which had disrupted supply for nearly four months [2].
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