Trump Urges Probe into Shell as Brent Hits $72.75, WTI $69.60
SHEL•President Trump urged DOJ to probe Shell for not passing on crude price declines after Brent fell to $72.75 and WTI to $69.60. Chevron CFO said gas prices will drop with a lag, while AAA reports US pump average at $3.92, down 13% month-over-month but up $0.70 year-on-year.
1. Trump Includes Shell in Price-Gouging Probe
President Trump named Shell among oil majors and urged the Justice Department to investigate alleged failures to pass crude price declines to consumers, targeting a pump price of $2.25 per gallon.
2. Industry Cites Lag Between Crude and Pump Prices
Chevron’s CFO emphasized that gasoline prices adjust slowly after crude cost drops, noting a time lag that prevents immediate reductions at the pump despite lower wholesale costs.
3. Crude Oil Prices Retreat on Iran Peace Deal
An interim peace agreement between the US and Iran pushed Brent crude down to $72.75 a barrel and WTI to $69.60, levels last seen before the Middle East conflict resumed in February.
4. US Pump Prices Easing but Remain Elevated
AAA data shows the national average gasoline price at $3.92 a gallon, a 13% decline from $4.52 a month ago but still $0.70 above the level recorded at the same time last year.
