Trump Targets 4 Oil Majors in DOJ Price-Gouging Probe as US Gasoline Holds Near $3.91
Updated
Updated · Fortune · Jun 25
Trump Targets 4 Oil Majors in DOJ Price-Gouging Probe as US Gasoline Holds Near $3.91
3 articles · Updated · Fortune · Jun 25
Summary
Chevron, ExxonMobil, BP and Shell were explicitly named by Trump as targets for a Justice Department investigation after he said pump prices have not fallen with cheaper crude.
Gasoline averaged $3.91 a gallon versus $3.22 a year earlier, keeping inflation and affordability pressure high even as Brent crude has retreated toward pre-war levels.
Chevron’s CFO said lower oil prices take time to reach consumers because pump prices reflect earlier crude purchases plus refining, supply-chain and inventory costs; the American Petroleum Institute echoed that lag.
The clash marks a reversal for an industry that backed Trump heavily in 2024 and later benefited from deregulation and about $18 billion in oil-and-gas tax breaks.
With midterm elections approaching, persistent fuel costs threaten Republicans’ narrow congressional majorities, turning Trump’s former energy allies into a political target.