President Trump is picking a fight with Big Oil. On June 24, he publicly accused major oil companies of price gouging, claiming they’ve pocketed the savings from a massive drop in crude prices rather than passing them along to drivers.
The accusation came with teeth. Trump directed the Department of Justice to launch an immediate investigation into the pricing practices of oil companies, turning what could have been a social media rant into something with actual regulatory consequences.
The numbers tell a lopsided story
Here’s the math that has Trump fuming. Crude oil prices have plummeted 36% from their May 2026 peak, with US benchmark WTI crude trading around $70.45 per barrel in late June. In the previous month alone, crude fell 27%.
Gasoline prices, meanwhile, have been far less enthusiastic about the decline. The national average sat at $3.93 per gallon on June 25, representing just a 14% drop from mid-May highs above $4.63.
