Trump accuses oil giants of price gouging

United States President Donald Trump has accused major oil companies of failing to pass on the benefits of falling crude oil prices to consumers, alleging that motorists are being overcharged at the pump.

In a social media post shared on Wednesday, Trump said oil companies had not reduced fuel prices in line with the sharp decline in crude oil costs, despite paying significantly less for the commodity.

“The big oil companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for oil,” Trump wrote.

The U.S. president claimed that consumers were being “gouged” and announced that he had directed the Department of Justice (DOJ) to immediately investigate the situation.

Trump also called for a faster reduction in gasoline prices, insisting that the current pace of price adjustments was inadequate.

“Gasoline prices better start going down a lot faster than what I’m seeing,” he stated.

The remarks have sparked debate among energy market observers and consumers, with attention now focused on whether the DOJ will launch a formal investigation into fuel pricing practices by major oil companies.

Trump’s comments come amid fluctuations in global crude oil prices and growing scrutiny over how quickly changes in crude costs are reflected in retail fuel prices.