politics
Trump directs Justice Department to review oil company pricing after Iran war ends
President Trump posted on Truth Social that oil companies are not passing along lower crude prices to drivers and ordered the Justice Department to investigate. National average gasoline prices stood at $3.93 per gallon on Tuesday, down from $4.52 a month earlier.
abcnews.go.comAudio version
Tap play to generate a narrated version.
Developing·Limited corroboration so far. This page will refresh as more sources emerge.
The post came after the United States and Iran signed a 14-point memorandum of understanding last week that ended the conflict begun in late February and closed the Strait of Hormuz.
Price movement since the war The national average price per gallon reached $3.93 on Tuesday, according to AAA data, compared with $4.52 one month earlier and roughly $3 before the conflict. Trump had previously stated that gasoline prices would reach $2 per gallon soon after the war ended and would drop like a rock once the conflict concluded.
Timeline for price recovery Analyst Rob Smith of S&P Global Energy said traffic through the Strait of Hormuz would take several months to return to pre-war levels even after a lasting peace. Patrick De Haan of GasBuddy projected that prices would fall by about one-third within one to three months and would likely reach pre-war levels in early or mid-2027.
