On June 24, during a press briefing in the Oval Office, Trump stated, "Gas prices at the pump should be much lower," specifically naming Chevron, ExxonMobil, Shell, and BP. He noted, "While oil prices have dropped significantly, there has been no corresponding change at the gas stations. I believe gas prices should be around $2.25 per gallon, but they are higher than that."
Earlier that day, Trump took to social media platform Truth Social to express that drivers are being overcharged by energy companies and directed the Department of Justice (DOJ) to initiate an immediate investigation.
A DOJ spokesperson told BBC, "Fuel prices are not only a national security issue but also impact the wallets of all Americans. We will always strive to ensure relief from price burdens in the U.S." However, it was not confirmed whether an investigation would actually commence.
The White House supported Trump's remarks, with a spokesperson stating, "The President has been clear from the beginning that the situation in Iran will cause short-term and temporary disruptions in the energy market, and once the Iran issue is resolved, oil and gas prices will drop quickly."
The American Petroleum Institute (API), representing the U.S. oil and gas industry, responded to Trump's criticism. API spokesperson Bethany Williams said, "The industry shares the goal of alleviating pump price burdens and restoring stability to the global energy market," but added, "Gas prices do not move in exact correlation with crude oil prices." She noted that the war in Iran continues to affect supply, refining, and inventory levels.
Brent crude, the international oil benchmark, surpassed $140 per barrel in April during the height of the Iran conflict, marking its highest level since the 2008 global financial crisis. Following a ceasefire and peace negotiations, oil prices have since declined, with Brent crude falling below $74 per barrel on the same day, though it remains above pre-war levels of about $70. West Texas Intermediate (WTI), the U.S. oil benchmark, also dropped to around $70 per barrel, still higher than the pre-war price of approximately $60.
The average price of regular gasoline in the U.S. exceeded $4 per gallon in April, reaching its highest level since 2022, but has since decreased to about $3.93. Nevertheless, this price is still above pre-war levels.
Trump's ongoing criticism of oil companies comes as inflation concerns rise among American consumers and criticism of his administration increases, suggesting he aims to regain public support through lower oil prices.
A recent poll conducted by Reuters and Ipsos revealed that only 24% of respondents believed U.S. military action against Iran was worth the costs and benefits, while 52% felt it was not. This has raised alarms for the Republican Party ahead of the upcoming midterm elections in November, with only 17% of independent voters indicating they would vote for a Republican candidate if elections were held today, compared to 34% who would support a Democratic candidate.
* This article has been translated by AI.
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