TLDR
- President Trump instructed the DOJ to investigate oil companies for not lowering gas prices in line with falling crude costs
- Exxon Mobil and Chevron were named directly in the probe
- U.S. crude prices have fallen 36% from their May peak, but gas at the pump is only down 14%
- Average U.S. gas price was $3.93 per gallon on Wednesday, still well above January’s $2.76
- The probe adds political and regulatory risk for oil stocks heading into November midterms
President Donald Trump has directed the Department of Justice to investigate major oil companies over gasoline pricing, accusing them of failing to pass on savings from falling crude oil costs to consumers at the pump.
🚨 JUST IN: President Trump just CONFIRMED he's ordered a MAJOR DOJ investigation into oil companies for price gouging Americans at the pump
ExxonMobil, Chevron, Shell, BP, and more.
"The oil companies are possibly gouging. I hope they're not. Otherwise they're going to be in… pic.twitter.com/Cv1jgPpWNE
— Nick Sortor (@nicksortor) June 24, 2026
In a post on Truth Social, Trump called out oil companies directly. “The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil,” he wrote. He added that customers are being “gouged” and that the DOJ would immediately begin looking into it.
Trump then named Exxon Mobil and Chevron by name in a video posted by his administration on X, putting both companies directly in the crosshairs of the investigation.
Gas Prices Are Falling, But Not Fast Enough
U.S. crude oil prices have dropped 36% from their May high. That decline came after the United States and Iran reached an interim peace deal and the Strait of Hormuz was reopened. Before the conflict, one-fifth of global oil supply passed through that waterway.
Gasoline prices have been falling for six straight weeks. But the drop at the pump has been smaller. The average price of gas in the U.S. was $3.93 per gallon on Wednesday, according to AAA data. That is down about 14% from the May peak, but still well above the $2.76 per gallon recorded in January before the Iran conflict began.
Trump said the difference between falling crude costs and still-elevated pump prices is not acceptable.
The American Petroleum Institute pushed back. Spokesperson Bethany Williams said gas prices do not move in lockstep with crude oil, especially during a major global disruption that is still affecting supply, refining, and inventories.
Exxon and Chevron did not respond to requests for comment.
What This Means for Oil Stocks
Exxon Mobil shares fell 2.03% and Chevron dropped 2.57% following the news.
Both companies are large, diversified energy businesses. Gas pricing at the pump is only one part of their operations, which also include upstream production, refining, chemicals, and global trading.
But the political pressure is real. Trump and Republicans are heading into November midterm elections with gas prices still a visible issue for voters. That gives the White House extra motivation to keep pushing.
For investors, the concern is less about any immediate legal outcome and more about rising regulatory risk. If the probe gains traction, attention may shift to refining margins and pricing practices across the broader energy sector.
The probe could also affect refiners and fuel distributors beyond just Exxon and Chevron, since pump prices are shaped by more than crude oil alone.
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