# Trump Orders Investigation into Oil Companies Amid Rising Gasoline Prices

*Donald Trump has ordered an investigation into major oil companies over high gasoline prices amid criticism over the impact of the Mideast war.*

June 24, 2026 · World

## At a glance

- Donald Trump ordered an investigation into major oil companies over high gasoline prices.
- Global petroleum prices soared after Iran blocked the Strait of Hormuz in response to US-Israeli strikes.
- Trump accused oil companies of 'gouging' customers despite lower oil prices.
- Economists expect oil prices to take months to return to pre-war levels.
- The average price of a gallon of regular gasoline was $3.93 on Tuesday.

Donald Trump announced on Wednesday that he has ordered an investigation into major oil companies over high gasoline prices. This move comes as the US president faces criticism over the impact of the ongoing Mideast war on fuel costs.

## Background of the Issue

Global petroleum prices soared after Iran blocked the flow of oil through the vital Strait of Hormuz in response to US-Israeli strikes in February. Despite an initial deal between Tehran and Washington that includes the resumption of oil tanker traffic through Hormuz, gasoline prices remain above pre-war levels.

## Trump's Claims and Criticism

Trump wrote on Truth Social that 'The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil.' He accused companies of 'gouging' customers, claiming that prices should have 'come down like a rock' after the conflict ended.

However, economists dispute Trump's claim, expecting oil prices to take months to return to pre-war levels. The average price of a gallon of regular gasoline was $3.93 on Tuesday, according to the AAA motor club.

## Political Ramifications

Gasoline prices are a significant political issue in the United States, where fossil fuel-powered vehicles are the primary means of transport for many Americans. Trump has faced backlash from Americans who accuse him of pouring billions of taxpayer dollars into the Middle East war while oil prices and inflation skyrocket in the United States.

## Sources

- BSS

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Source: https://pulsetoday.com.bd/en/world/trump-orders-probe-gas-prices-mideast-war