President Donald Trump demanded gas stations slash prices ‘immediately’ on Monday and urged retailers to start targeting gasoline at around $2.50 a gallon, warning there would be ‘big problems’ if they failed to act.
In a fiery Truth Social post, the president insisted fuel prices no longer reflected falling crude oil costs and accused retailers of overcharging motorists despite oil dropping to around $68 a barrel.
‘Gasoline Retailers must get their Prices down, IMMEDIATELY!’ Trump wrote.
‘They’re too high considering that Oil is now at $68 a Barrel, and heading south. The Retailers must quickly react to this statement, and do what they know is right — DROP YOUR PRICE FOR OUR GREAT AMERICAN PEOPLE!’
Trump then warned retailers not to profit from falling oil prices at the expense of consumers.
‘There will be no gauging [sic], which is totally illegal. If Retailers don’t do this, big problems lie ahead!’ he wrote.
The president made a direct plea for retailers to ‘Start targeting around the $2.50 a Gallon number,’ before turning his attention to California’s fuel taxes.
‘And California should stop charging such heavy Taxes on their Gasoline. Soon the Tax will be higher than the Product itself, and the United States will not stand for it, nor will the People of California, who are being abused by these ridiculous Taxes, and by their own Government,’ Trump wrote.
President Donald Trump has demanded gas stations cut prices to $2.50 a gallon ‘immediately’
Trump made the demand for retailers to lower prices ‘immediately’ in a fiery Monday night post
Gas prices have been well above $5.00/gallon in many parts of the country including California
The swipe marked Trump’s latest attack on fuel prices as he increases pressure on the energy industry to pass on lower crude oil costs to drivers filling up at the pump.
Just last week, Trump revealed he had instructed the Department of Justice to investigate whether major oil companies were keeping gasoline prices artificially high despite a decline in crude prices.
At the time, the president accused the industry of ‘gouging’ motorists by failing to reduce prices quickly enough after oil markets eased.
Oil prices surged earlier this year after the United States and Israel carried out strikes on Iran, prompting retaliatory attacks by Tehran against Israel and Gulf states hosting American military bases.
The heightened tensions rattled global energy markets and sent crude prices sharply higher, fueling concerns that Americans would once again face soaring costs at the pump.
Since then, diplomacy between Washington and Tehran and the extension of a ceasefire have helped ease fears of a broader regional conflict, allowing oil prices to retreat and providing some relief for motorists.
Trump argued those lower crude prices should now be reflected almost immediately at gas stations across the country.
Retail gasoline prices can lag because stations may still be selling fuel bought when oil was more expensive.
Gas prices appear to be coming down at these gas stations in Austin, Texas last week
Earlier this month, Trump warned oil companies that gasoline prices ‘better start going down a lot faster’ than he was seeing
This aerial photograph shows boats anchored off Oman’s northern Musandam Peninsula near the Strait of Hormuz on Saturday
Refining costs, transportation expenses, taxes and inventories all influence the final price drivers see on roadside signs.
Still, Trump’s constant intervention piles pressure on refiners, distributors and retailers as his administration tries to show consumers that lower oil prices are translating into savings.
As of Monday, the national average for a gallon of gas was $3.86 per gallon nationwide after hitting about $4.50 in recent months.
Crude oil is hovering around $70 a barrel after topping $100 on several occasions since February, when the Iran war broke out.
In response, Iran shuttered the Strait of Hormuz through which 20 percent of the world’s oil flows. The US and Iran have reached a tenuous ceasefire.
This renewed push by Trump to lower fuel prices comes as consumers continue to voice frustration over the cost of filling their tanks, with Republicans seeking to defend their narrow congressional majorities in November’s midterm elections.
While crude oil has fallen back from its recent highs, Trump has made clear he believes retailers have been too slow to pass those savings on to customers.
