Trump Orders DOJ to Probe Oil Companies Over Gas Prices
Oil prices have fallen nearly 30% from their peak. Gas at the pump has not kept pace. President Trump wants to know why — and has ordered the Justice Department to find out.
In a Truth Social post published shortly after midnight on Wednesday, Trump directed the DOJ to immediately investigate major oil companies over what he called price gouging at the fuel pump.
What Trump Said and Why
Trump's post was direct. He wrote that big oil companies were not dropping pump prices in line with the sharply lower prices they were paying for crude, and called the gap between the two "gouging."
"I have instructed the DOJ to immediately start looking into this," he added. "Gasoline prices better start going down a lot faster than what I'm seeing!"
He did not name any specific companies.
The backdrop matters. Brent crude slid to under $77 a barrel on Wednesday, with US West Texas Intermediate trading below $73 — a fall of roughly 27% from above $104 a month ago, driven primarily by the easing of the US-Iran conflict and the gradual reopening of the Strait of Hormuz.
According to Fortune, the national average for a gallon of regular gasoline stood at $3.93 — down from $4.52 a month ago, but a drop of only around 13% against crude's 27% fall.
📰 Related: Trump Signs US-Iran Deal at Versailles, Ending 110-Day War
The Industry's Response — and the Structural Problem
The American Petroleum Institute, whose membership includes all major US oil and gas companies, pushed back within hours.
API spokesperson Bethany Williams said the industry shared the goal of delivering relief at the pump, but that pump prices don't move in lockstep with crude oil, particularly during a major global disruption that is still affecting supply, refining, and inventories.
Patrick De Haan, head of petroleum analysis at GasBuddy, offered a more detailed explanation — and one that complicates Trump's framing directly.
De Haan told Newsweek that the pace of decline at the pump was consistent with typical behaviour, with some convenience store operators earning stronger margins now after being unable to profit during the price spike in March and April.
His sharpest observation: "Big oil isn't gouging — it's just that retailers drop prices slower to make up for their inability to earn a livable income during March and April when prices were white hot."
He added that Trump's accusations appeared to be misplaced, because major oil companies rarely own retail fuel outlets directly.
📰 Related: Oil Prices Ease as Hormuz Shipping Concerns Show Signs of Stabilizing
Who Actually Controls the Pump Price
The distinction De Haan raised is the one most missing from the White House framing.
Integrated oil majors — the Exxons, Chevrons, and Conocos of the industry — are primarily upstream producers and refiners. The retail fuel stations Americans fill up at are overwhelmingly operated by independent dealers and convenience store chains, not the corporations Trump is targeting.
When crude falls sharply after a period of elevated prices, independent retailers often absorb some of the margin to recover losses sustained when they were buying expensive fuel and selling it at compressed margins. The lag is structural, not conspiratorial.
That does not mean the DOJ investigation finds nothing. The probe reportedly extends beyond pump pricing. According to Crypto Briefing, the DOJ and the Commodity Futures Trading Commission are already examining at least four oil trades that generated over $2.6 billion in profits and were placed between March and April 2026, each one suspiciously well-timed ahead of major announcements related to the US-Iran conflict.
Senator Edward Markey has separately requested an FTC investigation into potential price gouging by major oil companies.
📰 Related: Strait of Hormuz Oil Leaks — Why Global Markets Are Suddenly on Edge
The Political Context
Gas prices matter to Trump in a specific way right now. November's midterm elections are roughly five months away, and fuel costs are one of the most visible economic indicators for American voters.
The US-Iran peace process has given the administration its single clearest claim of economic relief — oil prices down sharply, Hormuz traffic recovering, supply stabilising. The problem is that the political benefit depends on drivers seeing lower prices at the pump, not in futures markets.
Treasury Secretary Scott Bessent has also been discussing energy affordability, warning that the US must avoid dependency on what he called foreign chokepoints in energy supply — a reference to the Hormuz disruption that drove prices to their peak.
Whether the DOJ investigation produces charges, structural reforms, or nothing at all remains to be seen. For now, it is a presidential pressure campaign delivered via social media, aimed at an industry whose retail-level mechanics may not align with the target Trump has named.
Key Takeaways
- President Trump directed the DOJ to immediately investigate oil companies over alleged price gouging, posting the instruction on Truth Social shortly after midnight on June 24.
- Trump pointed to a gap between falling crude oil prices — Brent crude below $77 — and the slower decline in pump prices, which averaged $3.93 per gallon nationally.
- He did not name any specific companies; the White House did not provide additional details on the scope of the probe.
- The American Petroleum Institute pushed back, with spokesperson Bethany Williams saying pump prices don't move in lockstep with crude during a major supply disruption.
- GasBuddy analyst Patrick De Haan noted that the lag is typical — and that major oil companies rarely own retail fuel stations, meaning the probe may be targeting the wrong actors.
- The DOJ and CFTC are also separately examining four oil trades that generated over $2.6 billion in profits between March and April 2026.
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Politics & World News Editor
James Mitchell has covered US and UK politics for over a decade, with a focus on elections, foreign policy, and Capitol Hill. He breaks down complex political stories into clear, fast analysis.
