President Donald Trump on Monday urged gas station owners nationwide to lower prices, warning retailers they could face consequences if they don’t act.
The president’s comments come as gas prices remain elevated following recent gasoline price volatility. global oil marketswith Trump saying retailers should pass on lower crude oil prices to consumers.
He also renewed his criticism of California’s gas tax policy.
“Gasoline retailers must lower their prices IMMEDIATELY! » Trump said on Truth Social. “They are too high given that oil is now at $68 a barrel and heading south.
Trump alleges rising gas prices, calls for Justice Department investigation
President Donald Trump has demanded that gasoline retailers lower their prices. (Win McNamee/Getty Images / Getty Images)
“Retailers must respond quickly to this statement and do what they know is right: LOWER YOUR PRICE FOR OUR GREAT AMERICAN PEOPLE!” he continued. “There will be no gauging, which is completely illegal. If retailers don’t do it, big problems await us!
“Start aiming for around $2.50 a gallon, and California should stop charging such heavy taxes on its gasoline,” Trump added. “Soon the tax will be higher than the product itself, and the United States will not accept it, nor will the people of California, who are being abused by these ridiculous taxes, and by their own government.”
OIL TANKER TRAFFIC ACROSS THE STRAIT OF HORMUZ HAS REACHED THE HIGHEST LEVEL SINCE THE BEGINNING OF THE CONFLICT BUT MINES REMAIN
U.S. gasoline prices have fallen from last month’s rise but remain well above year-ago levels, keeping pressure on drivers. (Sean Gallup/Getty Images/Getty Images)
Trump’s request comes nearly a week after he ordered the U.S. Justice Department to investigate allegations of fuel price gouging by energy companies.
“The big one Oil companies do not lower their pump prices in proportion to the significantly lower prices they pay for oil. These prices are falling like a rock! In other words, customers are being “ripped off,” Trump claimed in a Truth Social article at the time. “I have asked the DOJ to immediately begin investigating this matter. Gas prices better start coming down a lot faster than I’m seeing! »
Americans have seen fuel prices rise during the recent conflict between Israel and Iran, although prices have fallen in recent days as tensions ease.
INFLATION RISE AGAIN IN MAY AS HIGH ENERGY PRICES SQUEEZE CONSUMERS
Fuel prices on a pump at a Chevron gas station in Bay Harbor Island, Florida, Monday, June 22, 2026. (Zak Bennett/Bloomberg via Getty Images / Getty Images)
The AAA national average for regular gasoline was $3.860 per gallon as of June 29, down from $4.391 a month earlier, but still higher than last year’s average of $3.187.
West Texas Intermediate crude oil futures were trading around $70.24 a barrel late Monday after climbing during the Israel-Iran conflict before retreating in recent days.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Trump signed a Memorandum of Understanding linked to Iran on June 17.
Alex Nitzberg of FOX Business contributed to this report.
