AI Generated Image
Trump says DOJ will 'immediately' look into price gouging at the gas pump
ABC News - Breaking News, Latest News and Videos • • business
Key Points:
- President Donald Trump has urged the Department of Justice to investigate oil companies for alleged price gouging, accusing them of not lowering gasoline prices in line with falling oil costs.
- Oil prices have declined recently, with U.S. oil trading around $70 per barrel, influenced by peace talks between the U.S. and Iran and increased oil flow through the Strait of Hormuz.
- The average price of regular gasoline in the U.S. has dropped to $3.90 per gallon, down 9 cents from the previous week, reflecting easing energy costs after a May spike.
- Secretary of Energy Chris Wright confirmed that oil traffic through the Strait of Hormuz has returned to normal following a preliminary U.S.-Iran agreement, and he expects energy prices to continue declining.
- The memorandum of understanding between U.S. and Iranian leaders has helped break a stalemate in the Strait of Hormuz, a critical passage for about 20% of the global oil supply.
