Story perspectives

Trump Demands $2.50 Gas; DOJ Probes Price Gouging

6/30/2026

Summary

Trump Urges Gas Cut

President Donald Trump urged retailers to cut gasoline prices to $2.50 per gallon.
Regular gasoline fell to $3.85 per gallon on June 30, 2026, lowest since March 19, 2026.
The Department of Justice opened a price-gouging investigation after Trump called the practice illegal.
Brent crude fell to about $73 per barrel and WTI to $70.64 as the Strait of Hormuz reopened.
State prices ranged from $5.47 in Hawaii to $3.18 in Indiana.

Summary

**Hassett predicts drop**

Kevin Hassett, White House economic adviser, said prices will return to pre-war levels once Strait of Hormuz traffic exceeds 100 ships daily.
Senator Ed Markey (D-Mass.) called the July 4 gas-price surge “unacceptable” in a X post criticizing U.S. President Donald Trump’s Iran war.
Governor Gavin Newsom (D-CA) defended California’s gas-tax increase to $0.634 per gallon, effective July 1, 2026, as voter-approved.

Summary

AAA predicts surge

AAA projects 72.2 million Americans will travel 50 miles between June 27 and July 5, a July 4 road-trip record.
AAA spokesperson Aixa Diaz says nearly 62 million plan to drive, with price falling $0.58 to $3.88 per gallon, spurring drivers.
Officials warn U.S.–Iran tensions could reverse the gas-price decline, which in Riverside County averages $5.29 per gallon after Gulf Oil energy adviser Tom Kloza linked the easing to tanker traffic through the Strait of Hormuz.

History

Historical Context

The 1973 Arab oil embargo, launched by OAPEC on 19 October 1973 after the Yom Kippur War, cut exports to the United States and drove U.S. gasoline prices to 55.1 cents per gallon by June 1974—a 43 % jump. That shock taught policymakers that abrupt export cuts can destabilize markets, a lesson echoed in today’s Trump-backed $2.50-per-gallon price-cap push.

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Trump Urges Gas Cut

President Donald Trump urged retailers to cut gasoline prices to $2.50 per gallon.
Regular gasoline fell to $3.85 per gallon on June 30, 2026, lowest since March 19, 2026.
The Department of Justice opened a price-gouging investigation after Trump called the practice illegal.
Brent crude fell to about $73 per barrel and WTI to $70.64 as the Strait of Hormuz reopened.
State prices ranged from $5.47 in Hawaii to $3.18 in Indiana.

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