Trump urges gas stations to cut prices, warns of consequences

President Donald Trump used his Truth Social platform on Monday to ask gasoline retailers across the United States to reduce pump prices, suggesting a target of about $2.50 per gallon. He said the current prices are too high given that crude oil is trading near $68 a barrel and warned that retailers could face "big problems" if they do not act.

"Gasoline retailers must get their prices down, immediately," Trump wrote. "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 reiterated his criticism of California's gasoline tax structure, stating that the tax could soon exceed the price of the fuel itself and that the state should stop imposing such heavy taxes.

The remarks follow a recent directive from Trump ordering the Department of Justice to examine alleged fuel price gouging by major energy companies. In a prior post, he claimed that oil companies were not passing on lower crude costs to consumers and that the DOJ had been instructed to investigate.

Data from the American Automobile Association showed the national average price for regular gasoline at $3.86 per gallon on June 29, down from $4.39 a month earlier but still above the year-ago level of $3.19. West Texas Intermediate crude futures were around $70 per barrel on the same day.

Trump signed a memorandum of understanding related to Iran on June 17, though the statement did not directly link the agreement to fuel prices.