President Donald Trump criticized several U.S. oil companies for not reducing gas prices sufficiently following a recent memorandum of understanding with Iran. During a statement in the Oval Office, Trump stated, "We should be, in my opinion, at $2.25 right now at the pump, and we’re higher than that." He mentioned that an investigation is underway regarding the pricing practices of these companies.
Trump specifically named Exxon Mobil, Chevron, Shell, and BP, alleging that they are benefiting from the situation related to the Iran conflict, which has led to increased global oil prices. He noted that while gas prices have decreased since the signing of the memorandum, the current national average remains at $3.93 per gallon, down from $4.03 just a week prior, according to AAA.
He emphasized that the drop in oil prices should reflect more significantly at the pump, stating, "The gasoline prices should be much lower at the pump," and warned that oil companies could face consequences if prices do not decrease.