Trump Puts Big Oil on Blast: Orders DOJ to Investigate Gas Stations Taxing the Streets
Wholesale crude prices are dropping but the hood is still paying almost four dollars a gallon—and Trump wants answers.
President Donald Trump is calling out the biggest players in the energy game, and he's not keeping it low-key. On Wednesday, Trump stood up in the Oval Office and put Chevron, ExxonMobil, Shell, and BP on absolute blast. He accused these massive corporations of straight-up gouging everyday drivers at the pump, keeping gas prices high even though the wholesale cost of oil has dropped significantly on the global market.
Trump kept it 100 with the numbers, telling reporters that gas should be sitting around $2.25 a gallon right now. Instead, regular gas is still hitting people’s pockets at an average of $3.93 nationwide. That’s a major tax on the community when folks are already struggling to get by. Trump didn't waste any time, announcing on social media that he has officially ordered the Department of Justice to jump in and start investigating these firms immediately.
This whole situation started when the US-Israel war with Iran went down. Back on February 28, after some military strikes, Iran shut down the Strait of Hormuz—the main shipping lane for global oil. That move completely messed up the supply chain, causing energy prices to skyrocket. By May, Brent crude was trading at almost $120 a barrel, and gas prices shot past $4 a gallon, marking the highest prices since 2022.
But now, peace talks are moving forward and the war is cooling off. Wholesale prices are finally tumbling down. Brent crude fell under $74 a barrel on Wednesday, and US WTI crude dropped to $70. But even though the oil companies are buying the raw product for way cheaper now, they're still charging regular folks top dollar at the pump. It’s got everyone on the block asking why their wallets are still getting squeezed when the global drama is settling down.
Of course, the corporate suits are trying to talk their way out of it. The American Petroleum Institute (API), representing the big oil companies, had their spokesperson Bethany Williams try to explain it away. She claimed that pump prices "don't move in lockstep with crude oil" and tried to blame refining issues and low inventories. But to the average driver, it just looks like corporate excuses to keep the profits rolling in.
The DOJ is stepping up to see what's really going on under the hood. A spokesperson for the department said that fuel prices are a national security issue and affect the wallet of every single American. They promised they are committed to keeping things affordable for the people. The White House also backed up the play, reminding everyone that Trump has always delivered historic lows at the pump and is laser-focused on bringing relief to the streets.
Across the water in the UK, oil companies faced the exact same accusations, but their competition regulator claimed in May that there was no real evidence of shady pricing and that profit margins stayed the same. But Trump isn't letting these big US corporations off the hook that easy. By calling in the feds, he’s making it clear that nobody gets to make billions off a crisis while the working class pays the price.
