Left: President Donald Trump speaks in the Oval Office of the White House in Washington, D.C., March 31, 2026. Right: A driver fills up his vehicle in Wiggins, Colo., May 11, 2026.(Evan Vucci, Kevin Mohatt/Reuters)
President Trump is threatening oil companies with Justice Department action (politicized lawfare, really) because gas prices are not decreasing at a rate commensurate with the decrease in oil prices. The latter have dropped by more than a third, from a high of about $120 per barrel of Brent crude during the mid-March height of the Iran war (including Iran’s de facto closure of the Strait of Hormuz) to about $76 now.
In a Truth Social post, the president claims that this can only be happening because “customers are being ‘gouged,’” so he has “instructed the DOJ to immediately start looking into
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