Trump orders DOJ review as gasoline prices lag oil’s sharp drop
Why it matters: Oil slid after a US-Iran interim peace deal eased Strait of Hormuz traffic, but pump prices have not fallen at the same pace.
President Donald Trump ordered the Justice Department to examine US gasoline prices after arguing that pump costs are not dropping as quickly as crude oil prices. In a Truth Social post, Trump said major oil companies were not cutting retail gasoline prices in line with the much lower prices they were paying for oil and demanded that prices “start going down a lot faster.” He did not spell out what actions he directed the department to take. International oil prices have fallen sharply this month after the United States and Iran signed an interim peace deal, which increased traffic through the Strait of Hormuz.