President Donald Trump on Monday called on gasoline retailers to cut prices immediately, saying pump prices remain too high even as oil has fallen to $68 per barrel and appears to be moving lower.
“Gasoline Retailers must get their Prices down, IMMEDIATELY!” Trump wrote on Truth Social. “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 also warned retailers against taking advantage of consumers, saying there “will be no gauging, which is totally illegal,” and adding that “big problems lie ahead!” for those accused of price gouging. The remarks followed his earlier directive for the Department of Justice to examine possible price manipulation in the gasoline market.
The president’s comments came as gas prices have begun easing from recent highs, though they remain a political and economic concern heading into the November midterm elections. AAA reported the national average at $3.85 per gallon Tuesday, down from $4.36 a month earlier. Prices had reached $4.56 per gallon heading into Memorial Day weekend, the highest level in four years, noted The Hill.
Trump placed particular emphasis on California, where AAA reported an average price of $5.43 per gallon Tuesday. That figure was below last month’s peak of more than $6 per gallon but still well above the national average.
“Start targeting around the $2.50 a Gallon number, and California should stop charging such heavy Taxes on their Gasoline,” Trump wrote. “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.”
Gasoline prices climbed sharply in recent months after Iran closed the Strait of Hormuz, a critical shipping route through which roughly 20 percent of the world’s oil passes. The disruption rattled global energy markets and contributed to higher fuel costs for American consumers.
A memorandum of understanding between the United States and Iran now calls for the strait to reopen and allow the free movement of vessels carrying cargo and exports, including oil and gas.
Washington and Tehran agreed to “stand down for now” after a weekend of fighting that followed Iran’s assertion of authority over the strait. The escalation came after Trump said an Iranian drone struck a commercial vessel near the coast of Oman. U.S. Central Command responded Saturday with strikes on Iranian targets.
A Gallup poll released last week found that 67 percent of respondents said recent gasoline price increases had caused financial hardship for themselves or their households.
Prices are expected to continue declining unless the agreement with Iran breaks down or other supply disruptions emerge. Energy analysts have also warned that hurricane season could complicate the outlook. Citing a 2023 U.S. Energy Information Administration report, some experts have said storms affecting refining or distribution networks could add 25 to 30 cents per gallon to fuel prices.
