President Trump alleges gas price gouging, calls for DOJ investigation

President Donald Trump claimed energy companies are engaging in fuel price gouging and said that he has ordered the U.S. Justice Department to investigate.

“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,'” Trump asserted in a Truth Social post.

“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!” he declared.

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Americans have been facing higher fuel prices during the Iran war.

The AAA national average for regular gas is $3.928 as of June 24, down from the month-ago average of $4.515, though still significantly higher than the year-ago average of $3.224.

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Fuel prices on a pump at a Chevron gas station in Bay Harbor Island, Fla., on Monday, June 22, 2026.  (Zak Bennett/Bloomberg via Getty Images / Getty Images)

WTI crude oil futures are around $71 as of Wednesday morning, but were even lower before the start of the war. 

U.S. crude closed at $73.21 Tuesday, only $6.19 more than the day before America attacked Iran earlier this year, NBC News reported.

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U.S. President Donald Trump takes questions from members of the media during a meeting with oil and gas executives in the East Room of the White House on Jan. 9, 2026 in Washington, D.C.  (Alex Wong/Getty Images / Getty Images)

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Trump signed a Memorandum of Understanding related to Iran last week.