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President Donald Trump on Monday called on gasoline retailers to immediately lower prices, arguing that falling crude oil prices should translate into lower costs at the pump for American consumers.
In a Truth Social post, the president said gasoline prices remain too high with crude oil trading at approximately $68 per barrel.
“Gasoline Retailers must get their Prices down, IMMEDIATELY!” he wrote. “They’re too high considering that Oil is now at $68 a Barrel, and heading south.”
The president urged retailers to “DROP YOUR PRICE FOR OUR GREAT AMERICAN PEOPLE!” and warned there would be “no gauging [sic], which is totally illegal.”
“If Retailers don’t do this, big problems lie ahead!” he wrote.
President Trump said gasoline prices should move toward $2.50 per gallon and also criticized California’s fuel taxes.
“California should stop charging such heavy Taxes on their Gasoline,” he stated. “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.”
The comments come less than a week after President Trump directed the Justice Department to investigate possible gasoline price gouging, arguing that retail fuel prices have not fallen as quickly as crude oil prices following recent declines in global energy markets.
Industry analysts have said retail gasoline prices often trail declines in crude oil prices because retailers and refiners continue to sell fuel purchased when crude prices were higher. Refining costs, transportation expenses, seasonal fuel requirements and state taxes also contribute to the price consumers pay at the pump.
Economists commonly describe the pricing pattern as “rockets and feathers,” meaning gasoline prices tend to rise rapidly when crude oil becomes more expensive but decline more gradually when oil prices fall.
President Trump has repeatedly argued that lower energy costs are essential to reducing inflation and easing financial pressure on American families. He ended his post by again urging retailers to pass along lower costs to consumers.
“The Retailers must quickly react to this statement, and do what they know is right,” he concluded.
