President Donald Trump has instructed the Department of Justice to investigate oil companies for not lowering gas prices at the pump in line with falling costs, accusing them of price gouging consumers.
Background
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 on TruthSocial. Those prices are dropping like a rock! In other words, customers are being gouged. 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!
Gas prices in the U.S. fell last week below $4 per gallon for the first time since March, bringing a measure of relief to consumers. Oil prices fell more than 1% on Wednesday, extending this week’s losses to trade near four-month lows on signs that more stranded oil tankers were set to move out of the Strait of Hormuz.
The national average gas price meanwhile hovered at $3.93, according to the AAA tracker, compared to the $4.52 average a month ago. That’s a drop of around 13%. However, this is still much higher than the national average price a year ago, which stood at $3.22, according to AAA.
Original reporting: NBC6 Miami — read the source article.
