Trump orders DOJ probe of US oil companies over rising gasoline prices
President Donald Trump has instructed the Justice Department to examine major US oil companies for potential price coordination after pump prices climbed to roughly $3.80 per gallon. The move comes as gasoline costs become a political pressure point amid the Iran crisis.
In a Truth Social post, Trump asked the Justice Department to scrutinise ExxonMobil, Chevron and other major refiners for possible "price-fixing collusion." The directive landed on a day when AAA put the national average at $3.79 per gallon, up roughly 18% in a month.
A White House spokesperson said the president would not allow "American drivers to be gouged under the cover of Middle East tensions." Industry groups, including the American Petroleum Institute, attribute the run-up to Strait of Hormuz risk premia and global crude prices; West Texas Intermediate is trading near $78 per barrel.
The DOJ Antitrust Division has not yet commented on whether a formal inquiry will follow. Wall Street analysts note that similar reviews under Biden and Obama yielded no enforcement actions, though the political pressure on energy producers is intensifying ahead of the November midterms.
Read next
US Senate passes resolution limiting president's authority to wage Iran war
The US Senate has passed a war-powers resolution limiting President Donald Trump's authority to launch further military action against Iran without congressional approval. The vote was 53 to 45, with a small group of Republicans joining Democrats.
Strait of Hormuz traffic rebounds with dozens of ships passing after US-Iran deal
New Zealand's Northland Mill closure confirmed, putting 230 jobs at risk
Australia's tax overhaul aims to end property as the country's favourite wealth builder
Japan share buybacks soar past $100 billion, driven by Sony and Hitachi
