President Donald Trump on Monday intensified his calls for lower gasoline prices, urging fuel retailers to immediately reduce prices at the pump while accusing companies of engaging in what he described as “totally illegal” price gouging.
According to the figures cited, the national average price for a gallon of gasoline stood at $3.86 on Monday after reaching roughly $4.50 in recent months. Meanwhile, crude oil has fallen to around $70 per barrel after climbing above $100 on multiple occasions since February, when the United States and Israel launched the war against Iran.
During the conflict, Iran effectively shut down the Strait of Hormuz, a vital waterway through which roughly 20% of the world’s oil supply passes. Although the war remains technically ongoing, the United States and Iran are currently observing what the report described as a tenuous ceasefire, a development that has apparently boosted investor optimism.
Taking to Truth Social, Trump argued that falling oil prices should already be reflected at gas stations across the country and demanded that retailers lower prices without delay.
“Gasoline Retailers must get their Prices down, IMMEDIATELY!” Trump wrote. “They’re too high considering that Oil is now at $68 a Barrel, and heading south.”
The president urged retailers to respond quickly and lower prices for consumers.
“The Retailers must quickly react to this statement, and do what they know is right — DROP YOUR PRICE FOR OUR GREAT AMERICAN PEOPLE!” Trump wrote.
Trump also alleged that retailers are engaging in “gauging,” his spelling of price gouging, which he described as “totally illegal.” He warned that businesses refusing to lower prices could face consequences.
“If Retailers don’t do this, big problems lie ahead!” Trump wrote.
The president also said retailers should begin targeting gasoline prices of approximately $2.50 per gallon while criticizing California’s fuel taxes.
“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.”
Trump’s latest comments follow remarks he made last week, when he said his administration was conducting what he described as a “big investigation” into gasoline prices.
Speaking to reporters in the Oval Office, Trump named several major energy companies, including ExxonMobil, Chevron, Shell and BP, while arguing that consumers have not benefited from declining oil prices.
“The gasoline, or the oil prices, have come down so much, and we are not seeing anything at the pump by comparison to what it should be,” Trump said. “We should be, in my opinion, at $2.25 right now at the pump.”
In late May, when gasoline prices were noticeably higher, Trump urged Americans to remain patient, predicting prices would fall once the conflict ended.
“Look, as soon as this war is over, gas is going to– you know, I had gasoline down to $1.85 in Iowa,” Trump said at the time. “And this is peanuts! And I appreciate everybody putting up with it for a little while. It won’t be much longer.”
Chevron Chief Financial Officer Eimear Bonner said last week that lower oil prices typically take time to be reflected at gas stations.
“There is a lag between, you know, oil prices and reductions in oil prices and when that shows up at the pump,” Bonner said. “But we expect that prices will come down as things continue to normalize.”
[READ MORE: Trump Presses Gas Retailers to Lower Prices as Oil Falls]
