- President Donald Trump requested a DOJ launch investigation into oil companies’ pricing practices.
- Multiple factors influence gas prices beyond crude oil costs.
- Refinery supply issues delay price effects from crude market changes.
- American drivers are facing ongoing high prices despite recent declines.
U.S. gasoline prices decreased an average of 49 cents per gallon over the last month as peace talks at ending the war with Iran gained momentum. However, pump prices are not falling as fast as some would like.
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President Donald Trump said in a post on Truth Social early Wednesday that he ordered the Justice Department to investigate major oil companies for not lowering gasoline prices quickly enough.
“The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil,” Trump wrote. “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. Gasoline prices better start going down a lot faster than what I’m seeing!”
Experts have previously noted that it takes time for prices to reflect at the pump, as the Deseret News previously reported.
The American Petroleum Institute, which represents major U.S. oil and gas companies, responded to Trump’s message, saying the industry “shares the goal of delivering relief at the pump and restoring stability to global energy markets,” according to NBC News.
However, “gasoline prices don’t move in lockstep with crude oil, especially during a major global disruption that is still affecting supply, refining and inventories,” API spokesperson Bethany Williams said. “Our focus remains on supporting market stability and delivering the energy consumers need.”
Several factors beyond crude oil costs impact the price of gasoline and fall outside a gas station’s control. Refineries buy crude oil in advance and those deliveries take time, meaning refineries may still work through more expensive supplies for several weeks after market prices fall, according to The Associated Press.
A DOJ spokesperson told NBC News, “The price of fuel is not only a national security issue, it impacts the wallet of every American. We will always commit to ensuring affordability in this nation.”
The war in Iran and the subsequent closure of the Strait of Hormuz disrupted global markets and drove up energy prices, which in turn resulted in higher gas prices for Americans at the pump.
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What is the average price of gas in the U.S.?
Amid ongoing peace talks between Iranian and U.S. leaders, gas prices have steadily declined.
Last week, the national average fell below $4 per gallon for the first time since the war began, the Deseret News previously reported.
U.S. crude closed Tuesday at $73.21, just $6.19 higher than the day before the war began. On Wednesday, prices continued to slowly decline but still remained roughly 25% higher than where they were at the beginning of the year, NBC News reported.
As of Wednesday, the average price of gas was around $3.92 a gallon, down nearly 13% from the $4.52 average just one month ago, per AAA.
However, that remains higher than the 2025 national average of $3.22, according to AAA.
The lower prices coincide with the summer driving season, a time of year when gas prices historically rise due to increased demand and the transition to a more expensive summer fuel blend, according to AP.
AAA forecasts 72.2 million Americans will travel at least 50 miles away from home by car during the upcoming Independence Day holiday period. That marks an increase from the more than 61.3 million who took road trips last year, according to AP.
Even with the recent relief, American motorists are still paying nearly $1 more per gallon than they were before the war began, the AP noted.
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