Trump Singles Out Exxon, Chevron, Shell, and BP Over High Gas Prices
Iraq Could Quit OPEC in Bid to Pump More Oil 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 Donald Trump has listed Exxon, Chevron, Shell, and BP as being among companies responsible for excessively high fuel prices, following the announcement of a federal government probe into price-gouging earlier in the week.
“Oil prices have come down so much and we are not seeing anything at the pump by comparison the way they should be,” the U.S.
“We should be, in my opinion, at $2.25 [a gallon] right now at the pump and we are higher than that.” The U.S.
national average for a gallon of regular gasoline was $3.928 as of Wednesday, down from $4.0250 a week ago, but up from $3.2240 a year ago, according to AAAdata.
GasBuddy reported a national average of $3.85 per gallon as of Monday.
Still, fuel prices have been on a decline for six weeks in a row, with diesel also dipping below $5 per gallon for the first time in weeks, bringing relief to industrial fuel consumers.
“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 on TruthSocial late on Tuesday.
“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.
In response, the American Petroleum Institute said that retail fuel prices “don't move in lockstep with crude oil”.
“Our industry shares the goal of delivering relief at the pump and restoring stability to global energy markets,” API spokeswoman Bethany Williams also said.
| 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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