Trump demands gas stations lower pump prices immediately and renews push for $2.50 gasoline
The president's Truth Social warning follows order last week to investigate alleged fuel price gouging by energy companies
Kudlow and Brouillette analyze 'rockets and feathers' gasoline price phenomenon
Larry Kudlow and former Energy Secretary Dan Brouillette discuss why gasoline prices fall slower than they rise, a phenomenon known as 'rockets and feathers.
President Donald Trump on Monday urged gas station owners nationwide to lower prices, warning retailers they could face consequences if they fail to act.
The president's comments came as gasoline prices remain elevated following recent volatility in global oil markets, with Trump arguing retailers should be passing lower crude oil costs on to consumers.
He also renewed his criticism of California's gasoline tax policies.
"Gasoline Retailers must get their Prices down, IMMEDIATELY!" Trump declared on Truth Social. "They’re too high considering that Oil is now at $68 a Barrel, and heading south.
TRUMP ALLEGES GAS PRICE GOUGING, CALLS FOR DOJ INVESTIGATION
President Donald Trump demanded that gasoline retailers lower their prices. (Win McNamee/Getty Images / Getty Images)
"The Retailers must quickly react to this statement, and do what they know is right — DROP YOUR PRICE FOR OUR GREAT AMERICAN PEOPLE!" he continued. "There will be no gauging, which is totally illegal. If Retailers don’t do this, big problems lie ahead!
"Start targeting around the $2.50 a Gallon number, and California should stop charging such heavy Taxes on their Gasoline," Trump added. "Soon the Tax will be higher than the Product itself, and the United States will not stand for it, nor will the People of California, who are being abused by these ridiculous Taxes, and by their own Government."
OIL TANKER TRAFFIC THROUGH STRAIT OF HORMUZ HITS HIGHEST LEVEL SINCE CONFLICT BEGAN BUT MINES REMAIN
U.S. gas prices have eased from last month’s spike but remain well above year-ago levels, keeping pressure on drivers. (Sean Gallup/Getty Images / Getty Images)
Trump's demand comes nearly a week after he ordered the U.S. Department of Justice to investigate alleged fuel price gouging by energy companies.
"The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil. Those prices are dropping like a rock! In other words, customers are being 'gouged,'" Trump asserted in a Truth Social post at the time. "I have instructed the DOJ to immediately start looking into this. Gasoline prices better start going down a lot faster than what I’m seeing!"
Americans saw fuel prices rise during the recent conflict between Israel and Iran, though prices have eased in recent days as tensions subsided.
INFLATION ROSE AGAIN IN MAY AS ELEVATED ENERGY PRICES SQUEEZE CONSUMERS
Fuel prices on a pump at a Chevron gas station in Bay Harbor Island, Florida, on Monday, June 22, 2026. (Zak Bennett/Bloomberg via Getty Images / Getty Images)
The AAA national average for regular gas was $3.860 per gallon as of June 29, down from $4.391 a month earlier but still higher than the year-ago average of $3.187.
West Texas Intermediate crude oil futures traded around $70.24 per barrel Monday evening after climbing during the Israel-Iran conflict before retreating in recent days.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Trump signed a Memorandum of Understanding related to Iran on June 17.
FOX Business' Alex Nitzberg contributed to this report.