Trump orders probe into Shell, BP and Exxon over 'gouging' of drivers

Donald Trump has ordered an investigation into the world's biggest oil companies, accusing Shell, BP, ExxonMobil and Chevron of “gouging” drivers by refusing to cut petrol prices after wholesale costs collapsed. Speaking to reporters in the Oval Office on Wednesday, the US president said: “Gasoline prices should be much lower at the pump.” His intervention came after global oil prices fell sharply from the peaks reached during the US-Israel war with Iran, when Tehran shut the Strait of Hormuz and sent Brent crude to almost $120 a barrel in May. With peace talks progressing, the benchmark has now dropped close to pre-conflict levels. But pump prices, Trump argued, have not followed suit. “Oil prices have come down so much and we are not seeing anything at the pump by comparison the way they should be,” he said. “We should be, in my opinion, at $2.25 (£1.71) [a gallon] right now at the pump and we are higher than that.” The White House said Trump had a “proven track record of bringing gas prices to historic lows” and described the current situation as a “short-term, temporary disruption” that would resolve once the Iran crisis ended. A spokesperson for the Department of Justice told the BBC the price of fuel was “not only a national security issue, it impacts the wallet of every American”, but declined to confirm whether a formal investigation had been launched. The American Petroleum Institute, the industry lobby group, pushed back. “Our industry shares the goal of delivering relief at the pump and restoring stability to global energy markets,” said Bethany Williams, its spokesperson. But she warned that the conflict was “still affecting supply, refining and inventories”, adding that fuel prices “don't move in lockstep with crude oil”. The BBC has contacted Chevron, ExxonMobil, Shell and BP for comment. Trump earlier posted on social media that he believed drivers were being “gouged” and had ordered the DOJ to “immediately start looking into this”.