President Donald Trump has directed the Department of Justice to investigate major oil companies over gasoline prices that remain high despite a decline in crude oil costs. The president made the announcement on the social media platform Truth Social, expressing frustration that fuel prices at the pump have not decreased proportionally with the drop in crude prices.

“The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil,” Trump stated. He characterized the situation as consumers being “gouged” and urged the DOJ to begin an immediate inquiry to ensure gas prices fall more rapidly.

Since April, when Brent crude oil prices peaked at $118 per barrel, crude prices have fallen significantly, reaching just over $72 per barrel as of Wednesday. This price decline has followed the reopening of the Strait of Hormuz and a recent memorandum of understanding with Iran, events that have eased tensions in the region and helped lower oil costs.

Despite the 23% decrease in crude prices since May, the national average retail gasoline price has only slipped about 14%, to $3.92 per gallon, according to the American Automobile Association. Gasoline prices reached a recent high of approximately $4.56 per gallon in May. Prior to the onset of the conflict in Iran, gas prices had been below $3 per gallon. Prices have been decreasing for six consecutive weeks but remain elevated relative to crude cost reductions.

Energy market experts have noted that it typically takes several weeks for lower crude oil prices to fully impact retail gasoline prices, citing factors such as refining costs, distribution, and retail markups. They suggest that the current lag is consistent with market dynamics rather than immediate price manipulation.

The president’s move highlights ongoing political sensitivity surrounding energy costs and consumer expenses, amid broader efforts to address inflationary pressures and economic concerns nationwide. The Department of Justice has yet to release a formal statement regarding the investigation at this time.