United States (US) President Donald Trump said on Wednesday that he had ordered an investigation into major oil companies over high gasoline prices.
The move comes amid growing criticism of the impact of the Middle East war on fuel costs in the US.
Global oil prices had soared after Iran blocked oil movement through the Strait of Hormuz in response to US-Israeli strikes in February.
Trump, in a post on Truth Social, accused oil companies of failing to reduce pump prices despite lower crude oil costs.
“The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil,” Trump wrote.
“Those prices are dropping like a rock! In other words, customers are being ‘gouged’,” he added.
Naijaonpoint understands that Gasoline prices remain a major political issue in the United States, where many citizens rely on petrol-powered vehicles for daily transportation.
Trump has faced criticism over the war and its effect on fuel costs, especially as November’s congressional elections approach.
The President had repeatedly predicted that fuel prices would “come down like a rock” after the conflict ended.
However, economists have argued that oil prices may take months to return to pre-war levels.
Tehran and Washington have reached an initial agreement that includes the resumption of oil tanker traffic through the Strait of Hormuz.
However, key issues, including Iran’s nuclear programme, remain unresolved.
Gasoline prices are still above pre-war levels, although they have dropped since the initial deal was announced.
According to the AAA motor club, the average price of a gallon of regular gasoline stood at $3.93 on Tuesday.
Trump has also faced backlash from Americans who accused him of spending billions of taxpayer dollars on the Middle East war while oil prices and inflation rose at home.
