Gasoline prices have fallen nationwide over the past 30 days, but President Donald Trump is frustrated that the drop at the pump isn't happening faster and is blaming oil companies for the lag.
Even after an average 49-cent drop over the past month, many drivers are still paying more than they were before the war with Iran disrupted global energy markets.
What's happening?
Trump said this week that he wants the Justice Department to investigate whether customers are being "gouged," the Associated Press reported. In a Truth Social post, Trump wrote: "The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil."
His frustration appears to stem from crude prices falling much faster than gasoline prices. The U.S. benchmark crude was down 27% from a month earlier and traded near $70.45 a barrel on Wednesday, while regular gas averaged about $3.93 a gallon nationwide, down roughly 13% over the same period — and, according to the AP, about 32% higher than before the Iran War.
Experts say that the gap between crude oil and gas prices is not unusual. Gas prices are shaped by much more than crude oil alone. Taxes, refining costs, transportation, seasonal fuel blends, and heavy summer driving demand can all affect what station owners ultimately charge.
Why does it matter?
For households already strained by rising costs, even a short delay in lower gas prices can have a real effect. As the AP noted, prices remain nearly $1 a gallon above where they stood before the war, adding more pressure to family budgets during the peak summer travel season.
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The oil industry's effects, meanwhile, extend far beyond the gas pump.
Oil and gas extraction, refining, and burning worsen extreme weather disasters that destroy homes, jobs, and local economies. They also drive air and water pollution linked to asthma, heart disease, cancer, and premature death, while keeping household energy costs high even as corporate profits soar.
There is also a supply chain reality behind current prices. Refineries buy crude in advance, and the fuel then has to be processed and moved through pipelines, terminals, and trucks before it reaches gas stations. That means consumers often feel price spikes quickly but tend to see relief more slowly.
Rob Smith, director of global fuel retail at S&P Global Energy, said retailers did not fully pass along the earlier crude surge to customers. "Over the course of a year, there's a certain operating margin that the retailers need to keep the lights on," Smith told the AP.
What's being done?
Some shipping has resumed through the Strait of Hormuz — a crucial passage for global trade — while hopes for an end to the conflict have helped push oil prices lower.
Bethany Williams, spokesperson for the American Petroleum Institute, told the AP: "Our industry shares the goal of delivering relief at the pump and restoring stability to global energy markets."
Still, analysts caution that the region's supply system could take months — or longer — to fully recover.
As Williams said, "Gasoline prices don't move in lockstep with crude oil, especially during a major global disruption that is still affecting supply, refining, and inventories."
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