Trump Orders DOJ to Probe Oil Company Prices
Trump told the US Department of Justice to investigate oil companies. He accused them of price gouging on gasoline.
US crude oil prices dropped below $70 per barrel recently. But gas prices at the pump did not fall by the same amount.
Trump said oil companies are not lowering pump prices enough. He posted on Truth Social that prices should drop faster.
The American Petroleum Institute pushed back. It said gas prices do not move in step with crude oil prices. It pointed to a major global disruption as a reason.
Klear Note — Crude oil is the raw material refineries turn into gasoline. Gas prices at pumps lag behind crude oil price changes due to refining, shipping, and storage costs.
Key Terms 4
- Department of Justice The US government's main law enforcement agency
- price gouging Charging unfairly high prices to make extra profit
- crude oil Raw oil from the ground before it is turned into fuel
- American Petroleum Institute A US group that represents oil and gas companies