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Trump Orders DOJ Probe into Shell, Exxon Gas Price Gouging

6/25/2026

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Summary

Trump Investigates Gasoline

President Donald Trump ordered the Department of Justice to investigate firms for alleged gasoline price gouging.
He named Shell and ExxonMobil for not cutting pump prices despite lower oil costs.
Gasoline averaged $3.93 per gallon after a $4 peak in April, the highest since 2022.
The Petroleum Institute said fuel prices do not move in lockstep with crude, noting that Brent briefly fell below $72.48 per barrel before rising to $72.63.

Summary

Oil Prices Slip

Brent fell 1.18% to $76.17 and U.S. West Texas Intermediate dropped 1.16% to $72.36 a barrel on June 24, 2026, the latter the lowest since early March.
Washington gave Tehran a 60-day sanctions waiver, enabling Iran to restart oil exports as talks progress.
Kuwait lifted force majeure and Iraq boosted production, respectively.
Analysts expect Brent to stay in the $65-$75 range and global crude around $70-$85 in August.

History

Historical Context

In October 1973 OAPEC’s oil embargo forced U.S. gasoline to jump to $0.55 per gallon and oil prices to climb from $3 to $12 a barrel, prompting President Richard Nixon to sign the Emergency Petroleum Allocation Act and appoint William E. Simon to lead the Federal Energy Office. The DOJ’s 2024 antitrust probe of Shell and ExxonMobil echoes that 1973 crackdown on price gouging.

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Trump Investigates Gasoline

President Donald Trump ordered the Department of Justice to investigate firms for alleged gasoline price gouging.
He named Shell and ExxonMobil for not cutting pump prices despite lower oil costs.
Gasoline averaged $3.93 per gallon after a $4 peak in April, the highest since 2022.
The Petroleum Institute said fuel prices do not move in lockstep with crude, noting that Brent briefly fell below $72.48 per barrel before rising to $72.63.

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