"Companies are deceiving customers" - Trump demands investigation into failure to lower fuel prices
US President Donald Trump said he has instructed the Justice Department to investigate oil companies for failing to lower fuel prices in line with falling crude oil costs and accused the companies of "deceiving" customers.
Trump did not name any companies in his social media post, which was made after midnight. Diplomacy between the U.S. and Iran has translated into relief at the gas pump for Americans, data showed earlier this week, with prices falling for a sixth straight week.
However, Trump said the price drop was neither sufficient nor proportionate to the decline in crude oil costs. "Fuel prices need to start coming down much faster than I'm seeing!" Trump said.
Trump's latest tweet comes as consumers raise concerns about high prices, just as the president and other Republicans are fighting to hold onto narrow majorities in Congress in November's midterm elections.
The average U.S. gasoline price was $3.906 a gallon on Wednesday morning, GasBuddy data showed, down more than 14% from its peak in May. By comparison, crude oil prices have fallen 23% over the same period, with the U.S. and Iran reaching a temporary peace deal and reopening the Strait of Hormuz, through which a fifth of global oil supplies flowed before the war began. Since their peak in March, U.S. crude oil prices have fallen about 40%.
"The big companies are not lowering their prices at the pump in line with the significantly lower prices they are paying for oil. These prices are falling rapidly! In other words, customers are being 'cheated,'" Trump said in a post on Truth Social.
"I have directed the Justice Department to immediately begin an investigation into this matter," he added. Retail fuel prices remain significantly higher than the $2.764 per gallon recorded in January, more than a month before the Iran conflict began.
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