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Thu, 25 Jun 2026

Thu, 25 Jun 2026 Trump accuses big oil firms of price-gouging drivers

The US president named Shell, ExxonMobil, BP and Chevron when talking to reporters about a probe into fuel prices.

* US President Donald Trump has ordered an investigation into major energy companies, accusing them of "gouging" drivers by not cutting fuel prices despite a drop in wholesale oil costs.
* The four companies being investigated are Chevron, ExxonMobil, Shell and BP.
* Wholesale oil prices have fallen to levels seen before the Iran-US conflict, but fuel prices at the pump have not followed suit.
* Trump claims that gasoline prices should be around $2.25 per gallon, but they remain higher than that.
* The American Petroleum Institute (API) has said that fuel prices do not move in lockstep with crude oil, and that supply, refining and inventories are still affected by the conflict.
* Trump's comments come after UK oil firms were accused of unfairly hiking petrol prices following the start of the Iran war, but a UK regulator found no evidence of widespread price-gouging.