According to US President Donald Trump, he has ordered a probe into large energy corporations, accusing them of “gouging” consumers by failing to lower gas prices following a decline in the cost of wholesale oil on international markets.
Trump predicted that gas prices would drop “a lot faster than what I’m seeing” on social media. In the post, he made no mention of any energy companies. His comments follow a decline in wholesale oil prices from their highs during the US-Israeli war with Iran, but they are still higher than they were prior to the conflict.
Petrol prices “don’t move in lockstep with crude oil,” according to the American Petroleum Institute (API), which speaks for the US oil and gas sector. The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil,” Trump stated in the statement on Wednesday. The costs are plummeting! Put differently, consumers are being “gouged.
The Department of Justice (DOJ) has been instructed to “immediately start looking into this,” he continued.”Our industry shares the goal of delivering relief at the pump and restoring stability to global energy markets,” said API spokesperson Bethany Williams in reaction to Trump’s remarks.
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