President Donald Trump has issued a stark warning to gasoline retailers, demanding they cut prices at the pump to around $2.50 per gallon or face "big problems."
In a post on Truth Social, Trump said retailers must act immediately, noting that oil prices have dropped significantly while pump prices remain high.
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The national average for regular gas in the US currently stands at $3.86 per gallon, down from a peak of $4.39 four weeks ago but still above $3.18 a year ago.
Trump specifically called out California, urging the state to lower its high gas taxes, claiming "soon the Tax will be higher than the Product itself."
"Gasoline Retailers must get their Prices down, IMMEDIATELY!" Trump wrote.
"They're too high considering that Oil is now at $68 a Barrel, and heading south."
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He accused retailers of price gouging, calling it "totally illegal," though he misspelled "gouging" as "gauging."
This is not Trump's first move against the industry.
Last week, he ordered the Department of Justice to investigate why big oil companies are not lowering prices in line with falling crude costs.
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Oil prices surged to nearly $120 a barrel during the Iran conflict but have since retreated to around $70, a drop Trump says should be reflected at the pump.
