Trump calls on Justice Department to investigate oil companies for alleged price gouging
President Donald Trump called on the Department of Justice to investigate major energy companies for potential price gouging, alleging gasoline prices have not fallen in line with Brent crude's decline to $76 per barrel from nearly $120 in May.
President Donald Trump directed the Department of Justice to open an investigation into major energy companies Wednesday, alleging they have engaged in price gouging by failing to reduce gasoline prices commensurate with falling crude oil costs [1]. Trump posted on social media that he has called on the DOJ to "immediately start looking into this," though he did not name specific companies [1].
Brent crude, the global oil benchmark, reached almost $120 per barrel in May following the 28 February US and Israel attack on Iran and Tehran's subsequent closure of the Strait of Hormuz waterway [1]. The benchmark has since fallen to around $76 per barrel as peace talks progress, but remains above pre-war levels of roughly $70 per barrel [1]. The average price of regular gasoline in the US has declined to about $3.90 per gallon after topping $4 per gallon in April, yet stays well above pre-conflict levels [1].
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