Washington, United States – Web Desk: US President Donald Trump has ordered an investigation into major oil companies over the lack of a significant reduction in petrol prices despite a sharp decline in global crude oil rates.
In a statement posted on his social media platform, Truth Social, President Trump said oil companies were purchasing crude oil at lower prices but were not passing the benefits on to consumers at petrol stations. He alleged that large energy firms were earning excessive profits while American motorists continued to pay inflated fuel costs.
Trump argued that although international crude oil prices have fallen considerably, petrol prices across the United States have not decreased proportionately. The issue has become increasingly significant as fuel costs remain a key concern for millions of Americans who rely on personal vehicles for daily transportation.
The debate comes amid heightened political sensitivity surrounding energy prices ahead of the upcoming US congressional elections. Rising fuel costs have become a major economic and political issue, influencing public sentiment and voter priorities.
Global oil prices had surged earlier this year following tensions between Iran and Israel, when Iran temporarily restricted oil shipments through the Strait of Hormuz, one of the world’s most critical energy routes. However, after preliminary diplomatic understandings between Washington and Tehran led to the resumption of oil tanker traffic through the strategic waterway, crude oil prices eased in international markets.
Despite the decline in crude prices, petrol prices in the United States have yet to return to pre-conflict levels. Economic analysts note that changes in crude oil costs often take time to be reflected at fuel pumps, making an immediate drop in consumer prices unlikely.
Meanwhile, Trump continues to face criticism from opposition lawmakers and some economists, who argue that geopolitical instability in the Middle East and resulting energy market disruptions have contributed to higher costs for American consumers.
With congressional elections approaching, fuel prices are expected to remain a central issue in the US political landscape, placing additional pressure on both policymakers and the energy sector.
