Trump Flips Out at Gas Companies Over ‘Illegal’ Gouging

President Donald Trump demanded that gasoline retailers immediately slash prices to approximately $2.50 per gallon, accusing them of “totally illegal” price gouging in a Monday Truth Social post. Trump claimed that with crude oil around $68-70 per barrel, significantly lower than the $100+ levels following his Iran war, gas stations were not passing savings to consumers, and warned of “big problems ahead” if retailers did not comply.

The national average gas price stood at $3.86 per gallon as of Monday, down from peaks near $4.50 in recent months. The U.S. and Israel initiated military action against Iran in February, prompting Iran to effectively block the Strait of Hormuz, through which 20 percent of global oil transits; a tenuous ceasefire between the U.S. and Iran is currently in effect. Trump previously claimed his administration was conducting a “big investigation” into pricing practices by major oil companies including ExxonMobil, Chevron, Shell, and BP.

Last week, Chevron CFO Eimear Bonner stated that a lag exists between crude oil price declines and retail pump prices, with reductions expected as market conditions normalize. Trump has repeatedly downplayed the impact of his military actions on energy costs, telling reporters in May that gas prices represented “peanuts” and assuring the public the situation would not persist long.

Trump’s current demand contradicts his prior messaging and mischaracterizes how energy markets function. By framing market dynamics as criminal behavior and threatening retailers with unspecified consequences, he attempts to leverage presidential power to dictate prices without acknowledging his own foreign policy decisions that disrupted global oil supplies and contributed to price volatility.

(Source: https://www.mediaite.com/politics/trump/trump-flips-out-at-gas-companies-over-totally-illegal-gouging-drop-your-price/)al oil supplies and contributed to price volatility.