President Donald Trump has scolded fuel retailers for failing to cut prices at the pump, saying in a social media post “Gasoline Retailers must get their Prices down, IMMEDIATELY! They’re too high considering that Oil is now at $68 a Barrel, and heading south.”
“The Retailers must quickly react to this statement, and do what they know is right — DROP YOUR PRICE FOR OUR GREAT AMERICAN PEOPLE! There will be no gauging, which is totally illegal. If Retailers don’t do this, big problems lie ahead! Start targeting around the $2.50 a Gallon number, and California should stop charging such heavy Taxes on their Gasoline,” the U.S. president also said.
Gasoline prices in the United States have been declining for now seven weeks in a row amid the renewed push to settle the conflict between the U.S. and Israel, and Iran diplomatically. Despite the recent flare-up between Washington and Tehran, reports are fuelling hopes of a ceasefire, which has kept a lid on crude oil prices and, as a result, fuel prices.
The national average price for a gallon of regular gasoline stood at $3.86 as of Monday, which is down from $3.929 per gallon a week ago and from $4.3910 per gallon a month ago, according to AAA data. Compared to the price a year ago, however, a gallon of regular is still more expensive. A year ago, the national average was $3.1870.
President Trump’s threat comes after he said last week he had ordered an investigation into price-gouging by fuel retailers. “The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil. Those prices are dropping like a rock! In other words, customers are being “gouged”,” Trump wrote in a TruthSocial post at the time.
Following that announcement, Trump proceeded to lay the blame at the door of Big Oil majors, mentioning Exxon, Chevron, Shell, and BP as responsible for “price-gouging”.
By Irina Slav for Oilprice.com
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