(Official White House photo by Daniel Torok)

President Donald Trump on Wednesday instructed the U.S. Department of Justice to immediately investigate the high price of gasoline across America, accusing oil companies of “gouging” consumers.

In a post on Truth Social, the commander in chief indicated: “The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil.

“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!”

In response to Trump’s message, the American Petroleum Institute, representing all major U.S. oil and gas companies, told NBC News the industry “shares the goal of delivering relief at the pump and restoring stability to global energy markets.”

However, “gasoline prices don’t move in lockstep with crude oil, especially during a major global disruption that is still affecting supply, refining and inventories,” API spokeswoman Bethany Williams said.

“Our focus remains on supporting market stability and delivering the energy consumers need.”

Mike Sommers, CEO of API, posted video of himself saying: “Now is the time that we rethink where we are today and update those policies to ensure that we have the energy that the world’s going to require to continue to grow and succeed.”

“It’s why today we are launching the American Energy Security Framework to give thought leaders a place to go when they start thinking about what’s next for world energy security.”

“Now is the time to rethink where we are today and update those policies to ensure that we have the energy that the world’s going to require to grow and succeed.” — API President & CEO @mj_sommers on the future of energy security pic.twitter.com/IrfJOf4Kle

— American Petroleum Institute (@APIenergy) June 24, 2026

President Trump also posted video comments of Larry Kudlow, his former director of the National Economic Council during his first term.

“I think Trump is absolutely in control,” Kudlow said on Fox News Tuesday evening. “There’s so much hand-wringing going on here, probably for political reason, but I think he’s on the right track.”

“Nineteen million barrels passed through [the Strait of Hormuz] yesterday. You’re probably gonna go through 20 million. You are basically almost halfway back of the original shortage or world oil supply. ”

Kudlow added, “Energy prices coming down, gasoline prices coming down, and any money that might go in the next 30 days to Iran, or 60 days, is gonna pass through the U.S. Treasury’s escrow account.

“In other words, we will control any money from Iranian oil sales. Oil sales first, and the frozen funds may come later. But it will go through a Treasury escrow account which is aimed at purchasing American farm products, various commodities and medical products to help the people in Iran.”

To that point, Trump on Wednesday said on Truth Social, “We will be releasing some of their money, that is totally controlled by us, to our Farmers and Ranchers, for the purchase of Corn, Wheat, Soybeans, and more. Food is desperately needed in Iran, and we will be purchasing it for them exclusively from the United States.”

There has been some relief to U.S. consumers, as gas prices dropped last week below $4 per gallon for the first time since March.

NBC reports: “The national average gas price meanwhile hovered at $3.92 as of early Wednesday, according to AAA data tracked by NBC News, compared to the $4.52 average a month ago. That’s a drop of nearly 13%.

“But that’s still much higher than the national average price a year ago, which stood at $3.22, according to AAA.”

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