Trump Demands DOJ Investigate Oil Majors, Says Gas Should Be $2.25
XOM•President Trump accused Exxon, Chevron, Shell and BP of keeping U.S. pump prices artificially high despite benchmark crude oil retreating to pre-conflict levels. He urged the DOJ to probe price gouging and claimed American drivers should be paying $2.25 per gallon at the pump.
1. Allegations of Price Gouging
President Trump accused Exxon, Chevron, Shell and BP of keeping pump prices artificially high while crude benchmarks have fallen sharply, asserting American drivers are being gouged and urging immediate DOJ action.
2. Crude and Pump Price Divergence
Brent crude prices have retreated to levels seen before the recent Middle East conflict, yet retail gasoline averages remain elevated, creating a spread that has drawn scrutiny over profit margins.
3. Industry Pushback
A spokesperson for the domestic oil and gas industry stated that supply disruptions, refining constraints and inventory fluctuations still affect pump pricing, challenging the notion that wholesale savings have fully passed through.
4. Regulatory and Market Implications
Trump’s call for a formal DOJ probe raises the prospect of antitrust or market manipulation investigations, potentially increasing regulatory risk and influencing investor sentiment toward Exxon and its peers.
