President Donald Trump posted on Truth Social on June 29 demanding that gasoline retailers across the country immediately cut prices to around $2.50 per gallon. He warned of “big problems” for those who refuse.
The national average at the time sat somewhere between $3.11 and $3.86 per gallon, depending on the source and exact timing. In other words, Trump is asking retailers to slash prices by roughly 20% to 35% overnight.
The DOJ investigation adds teeth to the rhetoric
Five days before the Truth Social post, on June 24, Trump called for a Department of Justice investigation into major oil companies, including Chevron and Exxon. The allegation: these companies have failed to pass declining crude oil prices through to consumers at the pump.
Crude prices have been falling thanks to easing geopolitical tensions in the Middle East, particularly around Iran and the Strait of Hormuz.
