Washington, DC – US President Donald Trump has directed the US Department of Justice to launch an immediate investigation into major oil companies for failing to lower fuel prices at gas stations in line with the sharp decline in global crude oil prices. Crude oil prices have fallen significantly following the US-Iran agreement to end the trade war.
Accusations of “exploiting customers”
Trump asserted in a post on Truth Social that oil companies are not lowering prices for consumers as they should, despite the significant drop in their own costs for crude oil.
In his attack, the US president stated, “Prices are falling too fast, and in other words, customers are being taken advantage of. I have directed the Department of Justice to immediately investigate this matter, and gasoline prices should start falling much faster than I am seeing them now!”
Record flow through the Strait of Hormuz
The president had pointed to significant developments in the energy sector on Tuesday. He explained that 19 million barrels of oil flowed through the Strait of Hormuz on Monday, describing it as “the highest ever recorded.” Commenting on the situation, he added, “Oil prices are falling, and the world is safer!”
Global crude oil prices have declined.
In conjunction with these directives, oil prices continued their decline on Wednesday, remaining near their lowest levels in four months. This came amid indications that more oil tankers stranded in the Gulf since the crisis began were leaving.
By 00:43 GMT, Brent crude futures had fallen 0.5% to $76.71 a barrel. West Texas Intermediate crude futures also declined 0.5% to $72.85 a barrel.
Details of the US licensing of Iranian oil
This price drop came after Washington granted Tehran a general, temporary 60-day license following preliminary talks. This license allows Iran to sell oil. US Treasury Secretary Scott Bisnett announced that the license extends until August 21. He explained that it permits the production, delivery, and sale of Iranian-origin crude oil and petrochemical products.
The Treasury Department clarified that the permitted transactions include importing these products into the United States, with payment in US dollars. It emphasized that this exemption does not apply to transactions involving North Korea, Cuba, or Ukraine. This move aims to rebalance global energy markets.
