Trump accuses oil companies of price gouging, calls for investigation
by Joe Fisher · UPIJune 24 (UPI) -- President Donald Trump has ordered the Justice Department to investigate oil companies that he alleges are price gouging.
Trump posted on social media Wednesday that he has directed the Justice Department to investigate, as gas prices are not falling in step with the price of oil.
"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. "Those prices are dropping like a rock! I have instructed the DOJ to immediately start looking into this. Gasoline prices better start going down a lot faster than what I'm seeing!"
It is not the first time the president has wielded the authority of the Justice Department against an issue affecting him politically in the eyes of consumers. He also directed an investigation into former Federal Reserve Chairman Jerome Powell because he disagreed with the central bank maintaining elevated interest rates.
Global oil prices have begun to descend following the agreement on an interim peace deal between the United States and Iran. The deal includes opening the Strait of Hormuz, which has been a main driver in global oil prices rising.
Last week, the average price of regular gas in the United States fell below $4 per gallon, marking the first time since March that prices were that low. AAA reports Wednesday that the average price for regular gas is $3.93 per gallon, a fraction of a cent higher than Tuesday.
A year ago, gas was $3.22 per gallon on average.
On Tuesday, West Texas Intermediate crude oil closed at $73.21.
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President Donald Trump presents a Medal of Honor to Tom Ripley on behalf of his father, John W. Ripley, during a Medal of Honor award ceremony in the East Room of the White House on Thursday. Photo by Aaron Schwartz/UPI | License Photo