US President Donald Trump has announced an investigation into price gouging at fuel stations and accused oil companies of “gouging” customers in a social media post on Wednesday.
Although he did not mention any specific company, he has instructed the Department of Justice to look into oil companies not lowering prices amid the fall of crude oil prices following the diplomacy between the US and Iran, Reuters reported.
“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’, Trump wrote in his post on Truth Social.
“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 US president also wrote.
The negotiations between the US and Iran have resulted in a significant decline in gasoline prices in the US. According to a Reuters report, the national average for a gallon of regular fell by $0.141 last week, to $3.85 as of Monday, based on GasBuddy data.
