President Donald Trump criticized “big oil companies” for not lowering prices for consumers, even though oil purchase costs have dropped. He accused oil companies of price gouging consumers, ordered the Department of Justice to investigate the current practice, and demanded that the country’s gas prices start dropping quickly. Trump issued the rebuke to oil companies in a Truth Social post shortly after midnight on Wednesday.“The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil,” said Trump in his post. “Those prices are dropping like a rock! In other words, customers are being ‘gouged.’ I have instructed the DOJ to immediately start looking into this. Gasoline prices better start going down a lot faster than what I’m seeing!”
The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil. Those prices are dropping like a rock! In other words, customers are being “gouged.” I have instructed the DOJ to immediately start looking into… pic.twitter.com/MfI76kzXbO— Commentary Donald J. Trump Truth Social Posts On X (@TrumpTruthOnX) June 24, 2026
Worldwide oil prices soared after the United States initiated Operation Epic Fury against Iran on Feb. 28. During the conflict, Iran closed the Strait of Hormuz, arguably the world’s most essential energy chokepoint, with approximately 25% of global seaborne oil trade passing through it, causing economic shockwaves in the oil industry. U.S. West Texas Intermediate crude oil hit a high price of $119.47 per barrel on March 9, while Brent Crude oil reached a high of $126.41 on April 30, the highest price total in over four years.
