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President Donald Trump announced that the U.S. Department of Justice (DOJ) is investigating ExxonMobil, Chevron, and other major oil companies over persistently high gasoline and natural gas prices. The move comes amid growing concerns that energy companies may not be passing lower crude oil costs on to consumers.
Speaking on Wednesday, Trump said the administration is conducting a major investigation into potential price gouging in the energy sector. According to the president, gasoline prices have not declined as expected despite a substantial release of oil reserves aimed at increasing supply and easing costs at the pump.
Trump pointed to the recent release of 19 million barrels of oil, describing it as a significant increase in market supply. He argued that such a large influx of oil should have resulted in noticeably lower fuel prices for American consumers. However, he claimed that gasoline prices remain elevated and are not reflecting current market conditions.
Earlier in the day, Trump also addressed the issue on Truth Social, stating that he had directed the DOJ to determine whether oil companies are failing to reduce gasoline prices in line with falling crude oil prices. He accused some energy producers of charging excessive prices and suggested that consumers may be paying more than necessary for fuel.
Following the announcement, shares of ExxonMobil and Chevron slipped slightly in after-hours trading. Investors are closely monitoring the situation as any regulatory action could have implications for the broader oil and gas industry.
The investigation highlights increasing scrutiny of fuel pricing practices and could become a key issue in discussions surrounding energy policy, consumer costs, and the U.S. oil market. Market participants will be watching for further developments as the DOJ reviews pricing trends across major oil companies.
