Oil extends decline as Trump accuses oil firms of 'gouging' consumers
President Trump has directed the Department of Justice to investigate oil firms for failing to lower pump prices as crude costs fall. This follows a decline in oil prices linked to an interim peace deal between the U.S. and Iran and eased tensions in the Strait of Hormuz. Trump claims companies are not reducing consumer costs commensurate with the drop in oil prices.
What changed
President Trump has officially called for a DOJ investigation into oil company price gouging.
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Trump Orders DOJ Probe into Oil Companies Over Alleged Price Gouging
confidence 90%President Trump has directed the Department of Justice to investigate oil firms for failing to lower pump prices as crude costs fall. This follows a decline in oil prices linked to an interim peace deal between the U.S. and Iran and eased tensions in the Strait of Hormuz. Trump claims companies are not reducing consumer costs commensurate with the drop in oil prices.
What's confirmed:
- President Trump ordered the Department of Justice to investigate oil companies for alleged price gouging at the pump.
- Brent crude futures for August fell 0.91% to $76.38 a barrel.
- U.S. West Texas Intermediate futures for August dropped 0.94% to $72.52 per barrel.
- Oil prices declined as concerns regarding shipping disruptions in the Strait of Hormuz eased.
- Trump stated that oil companies are not dropping pump prices commensurate with the lower prices they pay for oil.
Still unconfirmed:
- The DOJ probe is targeting $2.6B in suspicious oil trading profits.
- Brent oil has fallen below $75.