Trump Orders Gas Price Gouging Probe
What I Cover Irina Slav has been writing about global energy markets since 2007, covering the oil and gas industry, energy security, commodities, and the… President Trump has ordered an investigation into possible price gouging at fuel stations, an investigation he announced in a social mediapost.
“The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil.
Those prices are dropping like a rock! In other words, customers are being "gouged",” Trump wrote.
“I have instructed the DOJ to immediately start looking into this.
Gasoline prices better start going down a lot faster than what I’m seeing!” the U.S.
Gasoline prices in the United States have been declining for six weeks in a row amid the renewed push to settle the conflict between the U.S.
According to a Reutersreportfrom earlier this week, the national average for a gallon of regular fell by $0.141 last week, to $3.85 as of Monday, based on GasBuddy data.
The price slide reflected a decline in crude oil prices as traders assumed the negotiations between Washington and Tehran would result in a swift reversal of the tanker traffic paralysis in the Strait of Hormuz.
The assumption has been supported by multiple reports about tankers traversing the strait without any interference from Iranian forces.
International benchmarks have dropped to the lowest in four months on these reports, withBrent crudetrading at $76.46 per barrel at the time of writing, andWest Texas Intermediateat $72.61 per barrel.
“Positive signals from the Persian Gulf are fuelling optimism about oil flows through the Strait of Hormuz.
Vessel crossings increased in recent days, although they remain well below pre-war levels,” ING commodity analysts wrote in a note earlier today.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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