The US President has called on gasoline retailers to lower prices, citing the recent drop in oil prices. The demand comes as oil hovers around $70 per barrel amid de-escalation with Iran. The President instructs the Department of Justice to investigate potential price gouging by big oil companies.
The President took to social media to reiterate his demands, stating that gasoline retailers must lower their prices immediately. He emphasized that the current prices are too high considering the reduced oil costs. The average gas price in California is over $5 per gallon, and the President called on the state to lower its gas tax.
Treasury Secretary Scott Bessent echoed the President's sentiments, urging gasoline retailers to lower their prices. He warned that the government is watching and will take action if necessary. Gasoline retailers are being encouraged to drop their prices to around $2.50 per gallon.
Oil prices had dropped to around $68 on Friday but rose slightly over the weekend following renewed hostilities between the US and Iran. The US and Iran agreed to halt attacks and hold talks in Qatar's capital of Doha this week after exchanging fire through the weekend. The US President stated that the meeting in Doha will be important, but the outcome remains uncertain.
US West Texas Intermediate futures rose 1.9% to $70.56 per barrel, while international benchmark Brent crude futures gained 1.3% to $72.91. The moves follow clashes between the US and Iran that threatened to derail negotiations aimed at ending the conflict. The US and Iran have agreed to pause hostilities and allow commercial vessels to freely transit the strategically vital Strait of Hormuz.
The President's demands come as the US and Iran work to de-escalate tensions in the Middle East. The US has imposed sanctions on Iran, which has responded with attacks on commercial vessels. The situation remains fragile, and the outcome of the talks in Doha remains uncertain.
The US President is pushing for lower gas prices, citing the recent drop in oil prices. He is calling on gasoline retailers to lower their prices immediately and is urging California to lower its gas tax. The situation in the Middle East remains uncertain, and the outcome of the talks in Doha will be closely watched.
