Trump orders Justice Department probe into oil companies over gas prices

Donald Trump said he had instructed the Justice Department to investigate Shell, ExxonMobil, BP and Chevron over gasoline prices, accusing the companies of not passing through lower crude costs to drivers. He also used social media to accuse the oil majors of “gouging” motorists, putting the White House at the center of a politically charged fight over pump prices.

The president named the four companies while speaking to reporters, and the White House later posted a video clip on X in which Trump singled out Exxon Mobil and Chevron as part of the probe. The move landed as summer driving season was under way and gasoline remained a major pocketbook issue for households watching every cent at the pump.

AAA said the national average price for regular gasoline stood at $3.9280 per gallon on June 24, 2026, down from $4.51 a month earlier. The group said the average fell below $4 on June 18 for the first time since March 30, after nearly four straight weeks of declines.

AAA tied the easing to lower crude prices after the United States and Iran reached a deal to reopen the Strait of Hormuz. Even so, the national average was still well above the $2.98 per gallon level seen two days before the Iran war began, underscoring how far fuel prices had climbed before the recent pullback.

Industry groups pushed back on the idea that gasoline should drop in perfect step with crude. The American Petroleum Institute said the industry shared the goal of delivering relief at the pump, but that gasoline prices do not move in lockstep with crude oil, especially during major disruptions that affect supply, refining and inventories. The group said crude and gasoline generally move in the same direction, but not at the same speed, because lower crude costs take time to work through refineries, terminals and retail stations.

The U.S. Energy Information Administration gives a similar explanation, saying retail gasoline prices are mainly affected by crude oil prices and the amount of gasoline available to meet demand, and that gasoline prices generally follow crude oil prices. That market structure leaves room for sharp regional swings, but it also means pump prices usually respond with a lag rather than immediately.

Trump’s intervention adds pressure to an issue that has repeatedly shaped election-year politics. AAA said on June 18 that the drop in prices was arriving as millions of Americans prepared to travel for Independence Day in record numbers, keeping fuel costs in the public eye even as crude markets and refinery margins continued to reset.