Former U.S. President Donald Trump has accused major oil companies of “defrauding customers” in a recent Truth Social post, calling on the U.S. Department of Justice to launch an immediate investigation into their pricing practices. His remarks come amid persistently high gasoline prices across the United States — despite a recent sharp drop in global crude oil prices following a de-escalation agreement between the U.S. and Iran.
Price Discrepancy Sparks Outrage
The conflict in the Middle East — particularly tensions near the Strait of Hormuz, a critical maritime chokepoint for global oil exports — had driven energy prices sharply upward worldwide. But after the U.S. and Iran signed a memorandum of understanding last week aimed at ending hostilities, crude oil prices fell dramatically. Trump contends that retail gasoline prices have failed to follow suit.
“The big oil companies are not lowering their pump prices in line with the dramatically lower prices they themselves are paying for oil,” Trump wrote. “These prices are falling like a rock! In other words, it’s price gouging at the expense of consumers.”
Call for Federal Action
Trump confirmed he has directed the Department of Justice (DOJ) to begin an immediate probe into the matter. “Gas prices should start falling much faster than I’m seeing right now,” he added.
The full post read: “The big oil companies are not lowering their pump prices in line with the dramatically lower prices they themselves are paying for oil. These prices are falling like a rock! In other words, it’s ‘price gouging’ at the expense of consumers. I have instructed the Department of Justice (DOJ) to begin an immediate investigation into this issue. Gas prices should start falling much faster than what I’m seeing! — President D.J.T.”
Political Context
Trump’s comments arrive ahead of the November midterm elections — widely seen as a pivotal moment for Republicans — and reflect growing pressure to reassure American voters that his foreign policy stance hasn’t permanently eroded their purchasing power. Fuel prices remain a politically sensitive issue in the U.S., where private vehicles are the dominant mode of transportation.
While average U.S. gasoline prices have recently dipped below the symbolic $4-per-gallon mark (3.8 liters), they remain significantly higher than pre-war levels — which hovered around $3 per gallon.