President Donald Trump announced Wednesday that the Department of Justice is investigating major oil corporations for potential price gouging. Despite a massive influx of oil supply and dropping crude prices, retail gas prices remain high, prompting the administration to target industry giants like ExxonMobil, Chevron, Shell, and BP.
Investigation Details
The Department of Justice is launching a federal investigation into whether the world’s largest energy corporations are keeping gasoline prices artificially high. President Trump confirmed the probe on Wednesday, explicitly naming industry giants ExxonMobil, Chevron, Shell, and BP.
According to the president, the global market is currently experiencing a massive supply influx, pointing to a recent single-day output of 19 million barrels. He described the volume coming out of the Persian Gulf as a “flood” and an “oil gusher.” Given this high level of production, the administration argues that retail fuel prices should be dropping at a matching pace.
“The gasoline or the oil prices have come down so much, and we are not seeing anything at the pump by comparison to what it should be,” Trump said during a press exchange. He noted that retail prices should ideally sit around $2.25 per gallon right now, but current market averages remain significantly higher.
The investigation will look closely at the pricing strategies of these corporations during the current energy crisis. While the president expressed hope that the companies were acting in good faith, he issued a stark warning about the legal and financial consequences if the DOJ uncovers illegal price manipulation.
Original reporting: Tampa Free Press — read the source article.
