Trump says he’s ordered investigation into oil companies over alleged price gouging

Donald Trump said Wednesday that he had instructed the US Department of Justice to investigate oil companies for alleged price gouging, accusing them of not lowering gas prices enough amid conflict in the Middle East. “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,” Trump wrote in a social media post late Tuesday night. “Gasoline prices better start going down a lot faster than what I’m seeing!” Since the late-night post, no further details on the investigation have been released. Oil prices have softened in recent weeks as the US and Iran work through peace talks. The two countries reached a 60-day ceasefire agreement last week. After the deal, the strait of Hormuz, where a fifth of the world’s oil and gas shipments pass through, reopened, though traffic through the strait remains much lower compared to pre-conflict passthrough. In turn, gas prices around the world have fallen. Brent crude, the global benchmark, has fallen below $75 for the first time since the start of the war. US gas prices at the pump have fallen from a peak of $4.56 per gallon in May to a current average of $3.92. While a relief for drivers, average gas prices a year ago were still $0.70 a gallon cheaper, at $3.22 a gallon. …