US President Donald Trump is publicly attacking oil companies, accusing them of deliberately failing to deliver to consumers the sharp decline in the price of crude oil. In a publication in Truth Social, the head of state stated that Vig Oil "is not reducing the price of the column in proportion to the sharply lower prices they pay for oil", and asked the Ministry of Justice to immediately begin an investigation.
"Gasoline prices should start falling much faster than this, "What I see!" Trump wrote, without naming specific companies.
As of June 24, 2026, the US benchmark WTI is trading at around $72.52 per barrel, and the international Brent is around $76.38. Since their peak following the start of the conflict with Iran, oil prices have fallen by nearly 40%.
In the last month alone, crude oil has fallen by about $14 per barrel.
The situation at American gas stations is different. The average price of gasoline in the United States is about $3.906 per gallon - up more than 14% from its May peak, but still significantly above the $2.764 recorded at the beginning of January before the outbreak of war.
Gasoline is the most expensive in California - $5.56 per gallon, and the cheapest - in Indiana, where it is $3.32.
It is this difference that - oil down 40%, gasoline down 14% - is the basis for the accusation that the oil giants are "squeezing" consumers.
At an event at Mack Trucks in Pennsylvania the day before the announcement, Trump promised supporters that "oil will go down" and will drag the price of everything else down with it. Critics, according to him, are "either envious, or with bad people, or with fools" - words written again in Truth Social.
Elections are coming and someone has to be guilty
The attack on oil companies has caused a rather serious turn in Trump's attitude towards the sector. During the 2024 campaign, he openly sought from the leaders of energy giants to raise $1 billion for his reelection, presenting the contribution as a "deal" tax cuts and deregulation.
The industry did not shy away from the response - $75 million went directly to the campaign and related committees, and an additional $104 million was spent on lobbying in 2025 alone.
Once back in the White House, Trump delivered on his promises: $18 billion in tax incentives for the oil and gas sector, "dismantling" on car emissions regulations, a fast-track mergers and acquisitions process.
In the first 100 days of his second term alone, he repealed over 145 environmental regulations - more than in his entire first term. The administration is even using federal powers to support a small oil company in a conflict with California over a disputed pipeline.
There is a clear election logic behind the current accusations of "looting". The US midterm elections for Congress are on the horizon, and the Republicans are facing slim majorities and a sociology that predicts tough battles at best, and the more likely scenario is that they will not be won. ΠThe president says in the text that a Democratic majority in the House of Representatives and the Senate means impeachment for him.
That's why Trump needs consumers who are happy with gas prices, so it's no surprise that public pressure on oil companies is so visible and direct.