Trump orders DOJ probe into gasoline pricing amid falling oil costs

President Donald Trump announced on social media that he has directed the Department of Justice to begin an investigation into large energy companies, alleging they have failed to reduce gasoline prices in line with recent drops in crude oil costs. He said he expected pump prices to fall more quickly than they have and did not identify specific firms.

Trump wrote that "the big oil companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for oil" and described the situation as a "gouge" on customers.

Oil markets have been volatile since the United States and Israel launched strikes against Iran on Feb. 28, after which Tehran restricted traffic through the Strait of Hormuz, pushing prices higher. Brent crude has since fallen to about $76 a barrel, still above the roughly $70 level seen before the conflict. In the United States, the average price of regular gasoline has slipped to around $3.90 a gallon from a peak above $4 in April, but remains higher than pre-war levels.