President Donald Trump directed the Justice Department to examine oil companies that have not passed on falling crude prices to consumers, saying it is time for fuel prices to drop 'much faster.' The statement, reported by N12, extends Trump's recent campaign for lower energy costs.
President Donald Trump has directed the U.S. Justice Department to examine oil companies that have not lowered fuel prices in line with falling crude prices, according to a report on N12. Trump's remark, published Wednesday morning, stated that fuel prices 'should start coming down much faster than what I'm seeing' and that the department should review companies that 'aren't lowering' rates.
The move follows weeks of Trump statements on oil markets as crude prices have declined sharply. As The Zioneer previously reported, Trump has touted record oil flows through the Strait of Hormuz, threatened Iran amid the price drop, and signaled a policy reversal on Iranian exports that analysts said was driving prices toward $20 a barrel. The president has publicly pressed for consumer fuel savings amid those market shifts.
No further details on the scope of the DOJ review or which companies may be targeted have been released. The directive does not appear to have been issued through an executive order or formal DOJ announcement yet; N12 cites Trump's statement as the source.
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