United States President Donald Trump urged gasoline retailers to immediately reduce fuel prices, warning of “big problems” if companies failed to pass on the benefits of falling crude oil prices to consumers.
In a post on Truth Social, Trump said pump prices remained too high despite oil trading at around USD 68 per barrel and continuing to decline.
“Gasoline Retailers must get their Prices down, IMMEDIATELY! They’re too high considering that Oil is now at $68 a Barrel, and heading south. The Retailers must quickly react to this statement, and do what they know is right, DROP YOUR PRICE FOR OUR GREAT AMERICAN PEOPLE!” Trump wrote.
The US President also warned against price gouging, saying the administration would closely monitor retailers and take action against unfair pricing practices.
“There will be no gouging, which is totally illegal. If Retailers don’t do this, big problems lie ahead! Start targeting around the $2.50 a Gallon number, and California should stop charging such heavy Taxes on their Gasoline. 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,” he added.
Trump’s remarks come days after he announced that he had directed the Department of Justice to investigate whether energy companies were deliberately keeping retail fuel prices elevated despite the decline in crude oil prices, accusing them of “gouging” American consumers.
Global oil markets witnessed sharp volatility earlier this year after coordinated US and Israeli military strikes on Iran prompted retaliatory attacks by Tehran against Israel and Gulf countries hosting US military bases.
