Story perspectives

Trump Orders DOJ Probe Into $3.93 Gas Prices

6/26/2026

Summary

Trump Orders Gas Probe

President Donald Trump ordered the Justice Department to investigate gasoline prices.
Nationwide gasoline averaged $3.93 per gallon on June 24, above the five-year seasonal norm.
Trump said prices should be $2.25 per gallon now, blamed Exxon Mobil, Chevron, Shell and BP for gouging, and noted gasoline inventories at refiners and wholesalers are at their lowest level since 2014, creating a vulnerability for Republicans ahead of the November midterms.

Summary

Trump Gas Probe

The Senate passed a resolution urging President Donald Trump to end the war in Iran or seek authorization.
Moody’s Analytics said Americans have paid $59 billion for fuel since the conflict—about $450 per household—while gasoline was $5.56 in California and $3.32 in Indiana.
A Trump video identified Exxon Mobil and Chevron as Department of Justice (DOJ) probe targets, which API spokesperson Bethany Williams said gasoline prices don’t track crude oil during disruptions.

Summary

Oil Prices Crash

The Strait of Hormuz reopened and an Iran-U.S. memorandum of understanding generated a record oil flow that cut U.S. crude prices 40 % from their March peak.
Brent fell to $75.01 a barrel and WTI to $72.52, a roughly 23 % drop since May.
Caribbean nations such as Curaçao monitor the market because global oil swings eventually raise local fuel, electricity and shipping expenses.

History

Historical Context

During the 1973 OAPEC oil embargo—triggered by U.S. support for Israel—the price of crude jumped from $3 to $12 per barrel and gasoline rose 43% to 55 ¢ per gallon, prompting Nixon to create the Federal Energy Office and impose rationing. That supply shock reshaped U.S. politics, a pattern echoed today as Trump-ordered DOJ investigators target majors Exxon Mobil, Chevron, Shell and BP over $3.93-per-gallon prices.

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Trump Orders Gas Probe

President Donald Trump ordered the Justice Department to investigate gasoline prices.
Nationwide gasoline averaged $3.93 per gallon on June 24, above the five-year seasonal norm.
Trump said prices should be $2.25 per gallon now, blamed Exxon Mobil, Chevron, Shell and BP for gouging, and noted gasoline inventories at refiners and wholesalers are at their lowest level since 2014, creating a vulnerability for Republicans ahead of the November midterms.

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