President Donald Trump on Monday intensified his pressure campaign against gasoline retailers, demanding they immediately cut prices at the pump after crude oil prices fell sharply.
“Gasoline Retailers must get their Prices down, IMMEDIATELY!” Trump wrote on Truth Social. “They’re too high considering that Oil is now at $68 a Barrel, and heading south.”
“There will be no gauging [sic], which is totally illegal,” Trump added. “If Retailers don’t do this, big problems lie ahead! Start targeting around the $2.50 a Gallon number.”
Trump also singled out California, where gas averages $5.45 a gallon, blaming the state’s high gasoline taxes for keeping prices elevated.
“California should stop charging such heavy Taxes on their Gasoline,” he said. “Soon the Tax will be higher than the Product itself, and the United States will not stand for it, nor will the People of California, who are being abused by these ridiculous Taxes, and by their own Government.”
Earlier this month, Trump announced he had directed the Department of Justice to investigate whether major energy companies were unlawfully keeping gasoline prices artificially high despite falling oil costs. Speaking from the Oval Office last week, he specifically named ExxonMobil, Chevron, Shell, and BP while arguing Americans should already be seeing significantly cheaper gasoline.
“The gasoline, or the oil prices, have come down so much, and we are not seeing anything at the pump by comparison to what it should be,” Trump said. “We should be, in my opinion, at $2.25 right now at the pump.”
Oil prices surged earlier this year after fighting between the United States, Israel, and Iran disrupted energy markets and shut down the Strait of Hormuz, through which roughly one-fifth of the world’s oil supply passes. Brent crude briefly climbed above $100 per barrel during the conflict before retreating as ceasefire negotiations eased fears of prolonged supply disruptions.
Crude now trades near $68 per barrel, but gasoline prices have declined more slowly.
According to AAA, the national average price for a gallon of regular gasoline remains around $3.86, well below the recent peak of roughly $4.50 but still considerably higher than where Trump believes prices should be.
Industry representatives argue that retail gasoline prices naturally lag behind movements in crude oil because refiners, distributors, and retailers work through existing inventories purchased at higher prices.
“Gasoline prices don’t move in lockstep with crude oil,” American Petroleum Institute spokeswoman Bethany Williams said after Trump’s earlier demand for a Justice Department investigation. She added that supply chains, refinery operations, and inventory levels continue to be affected by the recent Middle East conflict.
Chevron Chief Financial Officer Eimear Bonner similarly told CNBC last week that lower crude prices typically take time to work their way through the fuel supply chain before consumers see meaningful savings at the pump.
Trump, however, has remained unconvinced, arguing Americans should already be seeing dramatic relief.
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