U.S. President Donald Trump intensified pressure on oil companies to lower gasoline prices, accusing them of 'gouging' consumers as crude oil prices declined. The remarks came as oil extended its recent decline, with West Texas Intermediate crude falling below $70 per barrel on June 24, 2026.
Trump's comments, made during a speech in Washington, D.C., targeted major oil producers, urging them to pass on savings from lower crude costs to drivers at the pump. 'They're making a fortune while the American people suffer,' Trump said, without providing specific evidence of price manipulation.
The average U.S. gasoline price stood at $3.45 per gallon on June 24, down from $3.60 a month earlier, according to AAA data. Analysts note that retail gasoline prices often lag behind crude oil movements due to refining and distribution costs.
The oil industry has defended its pricing, citing global supply chain pressures and refinery capacity constraints. The American Petroleum Institute declined to comment on Trump's accusations.
