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● TRACKER Updated 12d ago · 31 sources tracked

Trump accuses oil firms of price gouging at petrol pumps

US President Donald Trump has demanded that gasoline retailers immediately lower pump prices to $2.50 a gallon, accusing companies of illegal price gouging despite a drop in crude oil costs. He warned of 'big problems' for retailers if they fail to cut prices. This comes as crude prices have retreated following Trump's decision to hold off on military action against Iran.

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What changed

Trump's criticism of Chevron CEO Mike Wirth and his call for immediate price cuts is a new development.

Live updates

  1. Trump accuses oil firms of price gouging at petrol pumps

    US President Donald Trump has demanded that gasoline retailers immediately lower pump prices to $2.50 a gallon, accusing companies of illegal price gouging despite a drop in crude oil costs. He warned of 'big problems' for retailers if they fail to cut prices. This comes as crude prices have retreated following Trump's decision to hold off on military action against Iran.

    Why it matters

    The issue matters as it impacts American motorists and the broader economy. Trump's comments have significant influence on the oil industry and consumer sentiment. The situation is being closely watched amid ongoing tensions in the Middle East.

    What is confirmed

    • President Trump has demanded gasoline retailers lower pump prices to $2.50 a gallon.
    • Trump accuses oil companies of benefiting excessively from market disruptions.
    • Crude prices have retreated following Trump's decision to hold off on military action against Iran.

    Still unconfirmed

    • Trump plans to impose a tax on windfall profits of oil companies like Exxon.

    What to watch next

    • Oil company responses to Trump's demands
    • Changes in crude oil prices
    • Impact on US gasoline prices
    Sources used for this update (5)
    1. consent.yahoo.com — Donald Trump Accuses Us Oil Producers of ‘Making Too Much Money’ Amid Gas Price Hikes
    2. www.livemint.com — Trump tells oil companies to ‘get retail prices down now,’ criticizes Chevron CEO Mike Wirth
    3. www.aol.com — AstraZeneca’s US tilt could be the death knell for London’s stock market
    4. leadership.ng — Oil Companies Are Making Too Much Money From Iran War — Trump
    5. www.arkansasonline.com — EDITORIAL: Who’s gouging now?
    confidence 80%

  2. Trump Warns Gas Retailers of "Big Problems" Over Pricing

    President Trump has demanded that gasoline retailers immediately lower pump prices to $2.50 a gallon. He accused companies of illegal price gouging despite a drop in crude oil costs. The president warned that failure to cut prices would lead to "big problems" for retailers.

    What's confirmed:

    • President Trump demanded that gasoline retailers immediately lower pump prices.
    • Trump warned gas retailers they would face "big problems" if they do not cut prices.
    • The president accused energy companies of illegal price gouging.
    • Trump urged gas station owners to lower prices to $2.50 a gallon.

    Still unconfirmed:

    • President Trump criticized California gas tax policies.
    • Trump's remarks regarding retailers were posted on Truth Social.
    Sources used for this update (6)
    1. Trump tells gas stations to slash prices or face 'big problems' ahead ...
    2. Trump warns gas retailers of 'big problems' if they don't cut prices
    3. Donald Trump threatened gasoline retailers if they fail to lower pump ...
    4. Are gas prices high due to gouging? Trump's claims explained
    5. Trump Flips Out at Gas Companies Over 'Totally Illegal' Gouging: 'DROP ...
    6. Trump tells US petrol retailers to reduce prices 'immediately'
    confidence 95%

  3. Trump Orders DOJ Probe Into Oil Company Price Gouging

    President Trump has instructed the Department of Justice to immediately investigate oil companies over gasoline prices. He claims firms are not lowering pump prices despite a slump in crude costs following an Iran peace deal. The president specifically named several major energy corporations as targets of the probe.

    What's confirmed:

    • President Trump ordered the Department of Justice to investigate oil companies over gasoline prices.
    • Trump accused oil firms of gouging consumers by not dropping pump prices commensurate with lower oil costs.
    • The probe includes companies such as ExxonMobil, Chevron, Shell, and BP.
    • Trump stated the DOJ should immediately start looking into price gouging at the gas pump.

    Still unconfirmed:

    • Gas prices have dropped 49 cents.
    Sources used for this update (23)
    1. Oil extends decline as Trump accuses oil firms of 'gouging' consumers
    2. Trump calls for probe into gasoline price 'gouging'
    3. Trump Says Justice Department Looking Into Gasoline Prices
    4. US to probe petrol price gouging claims, Trump says
    5. Trump instructs DOJ to probe oil companies over higher gasoline prices
    6. Trump accuses oil companies of gas price ‘gouging,’ calls for DOJ probe
    7. Trump Calls for Probe Into U.S. Gasoline Prices After Oil Falls
    8. Trump threatens DOJ probe of oil companies
    9. Why Trump suddenly sounds a lot like Biden on gas prices
    10. Trump orders Justice Department to investigate oil companies over high gas prices
    11. Trump says DOJ will 'immediately' look into price gouging at the gas pump
    12. Trump is frustrated gasoline prices don’t mirror oil’s decline. Experts say it’s not that simple
    confidence 95%