“I have instructed the DOJ to immediately start looking into this,” Trump said.

President Donald Trump has called for the Department of Justice to “immediately start looking into” oil companies as he accused them of price gouging and not lowering the “price at the pump” fast enough in a message on social media.

“The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil,” Trump said in a post on Truth Social. “Those prices are dropping like a rock! In other words, customers are being ‘gouged.’”

“I have instructed the DOJ to immediately start looking into this,” Trump continued. “Gasoline prices better start going down a lot faster than what I’m seeing!”

A DOJ spokesperson responded to Trump’s post, telling ABC News that “The price of fuel is not only a national security issue, it impactsthe wallet of every American. We will always commit to ensuring affordability in this nation.”

Trump’s call for the investigation comes amid reports of ships beginning to move oil and Liquefied Natural Gas (LNG) through the Strait of Hormuz.

Oil prices have continued to lower recently as peace talks between the United States and Iran have been taking place. U.S. oil is trading at $70.13 a barrel — down 4.18% — and global oil is trading at $73.74 — down 4.28%. Oil is now close to where it was before the war began — U.S. oil ended at $67 a barrel the Friday before the war started.

The Treasury’s move allowing more Iranian oil onto the market until Aug. 21 and reports there was more traffic in the Strait of Hormuz are helping push oil prices lower.

The average price of a gallon of regular gas is $3.90, down 9 cents from last week’s average, according toGasBuddy.

Secretary of Energy Chris Wright said Sunday that oil traffic through the Strait of Hormuz is “already back to normal” after the U.S. and Iran signed a preliminary agreement to reopen the critical waterway while negotiators spend the next two months trying to work out yet-to-be-resolved nuclear issues.

Source : ABC News