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Trump Blames Big Oil for High Gas Prices, Orders DOJ Investigation

Wall Street Journal US Business •
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President Trump is taking a page from Democrats' playbook, attacking Big Oil over stubborn gasoline prices that remain near $3.93 per gallon. Despite ending the Iran conflict, pump prices haven't dropped as quickly as he promised, leaving consumers paying roughly $1 more than before hostilities began.

Oil executives pushed back privately, telling the administration that fuel supply chains operate slowly and cannot adjust overnight. The criticism highlights tensions between the White House and energy industry allies who expected support rather than accusations.

Trump's Truth Social post directly accused companies of "gouging" customers while crude costs have fallen sharply. He specifically instructed the Justice Department to open an investigation into pricing practices, signaling potential legal action against major oil producers.

The move suggests political pressure is mounting as summer driving season approaches and Trump faces backlash for unmet price promises. Energy stocks may face volatility if investigations expand, while consumers await meaningful relief at the pump.