Trump accuses big oil firms of price-gouging drivers
US President Donald Trump said that he ordered an investigation into major energy companies, accusing them of “gouging” drivers by not reducing fuel prices after wholesale oil costs fell in global markets.
Speaking to reporters at the White House on Wednesday, Trump said “gasoline prices at the pump should be much lower,” naming Chevron, ExxonMobil, Shell and BP.
His remarks came after wholesale oil prices have fallen from the peaks reached during the US-Israeli war with Iran and are now close to levels before the conflict began.
The American Petroleum Institute (API), which represents the oil and gas industry in the United States, said fuel prices “are not moving in line with crude oil.”
The BBC has contacted Chevron, ExxonMobil, Shell and BP for comment.
“Oil prices have dropped so much and we’re not seeing anything at the pump like it should be,” Trump told reporters in the Oval Office. he said.
“I think we should be $2.25 (£1.71) [a gallon] “We’re at the pump right now and we’re higher than that.”
Trump had previously stated that he believed drivers were being “gouged” by energy companies and added that he had ordered the Department of Justice (DOJ) to “immediately begin investigating this matter.”
“The price of gas is not only a matter of national security, it affects every American’s wallet. We are committed to always ensuring affordability in this country,” a Justice Department spokesman told the BBC, without confirming whether an investigation had been launched.
A White House spokesman said: “President Trump has been clear from the beginning that there would be short-term, temporary disruptions in energy markets and that oil and gas prices would fall rapidly as soon as the situation in Iran was resolved.
“President Trump has a proven track record of driving gas prices to historic lows, and the Administration remains laser-focused on providing economic relief to the American people.”
In response to Trump’s comments, API spokeswoman Bethany Williams said: “Our industry shares the goal of providing relief at the pump and restoring stability to global energy markets.”
He added that the conflict “still impacts supply, refining and stocks.”
