US President Donald Trump has instructed the Department of Justice (DOJ) to investigate oil companies for failing to lower gasoline prices in line with falling crude costs, accusing the companies of “gouging” customers, Reuters reported.

The Trump administration posted a video clip on X later on June 24 ​in which Trump named US oil producers Exxon Mobil and Chevron as part of the ​probe.

“Oil prices have come down so much, and we are not seeing anything at ⁠the pump,” Trump said in the clip.

Oil prices surged earlier this year after US and Israeli strikes on Iran in late February, fueling consumer frustration over elevated gasoline costs as President Trump and fellow Republicans fight to defend their slim congressional majorities ahead of November’s midterm elections.

Diplomatic efforts between Washington and Tehran to ease the conflict have begun to filter through to US consumers, with data earlier this week showing gasoline prices declining for a sixth consecutive week.

Trump said the drop in gasoline prices was insufficient and not commensurate with the sharper declines in crude oil costs.

“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 said in a post on Truth Social.

“I have instructed the DOJ to immediately start looking into this,” he added.

Pump prices remain well above the $2.76 per gallon recorded in January, more than a month before the Iran conflict erupted. On June 24, AAA data showed the US average at $3.93 per gallon, down nearly 14% from May’s peak but still elevated.

US crude prices have dropped 36% from their May peak after Washington and Tehran reached an interim peace deal that reopened the Strait of Hormuz, the vital waterway that carried one‑fifth of global oil flows before the war.

“Gasoline prices don’t move in lockstep with crude oil, especially during a major global disruption that is still affecting ⁠supply, refining, ​and inventories,” said Bethany Williams, a spokesperson for the American ​Petroleum Institute, a trade group that represents oil producers including Exxon and Chevron.