Trump Is Displeased With the Prices at the Pump

President Trump is chiding oil companies over the prices at the pump. Just after midnight, the president wrote on Truth Social that major oil firms are "gouging" drivers by not cutting gasoline prices "commensurate with the sharply lower prices they are paying for Oil. Those prices are dropping like a rock!" He said he's told the DOJ to "immediately" investigate. "Gasoline prices better start going down a lot faster than what I'm seeing," Trump warned. Neither the White House nor the department has confirmed any such inquiry.

NBC News reports crude closed at $73.21 on Tuesday, a figure that's only $6.19, or about 8%, higher than it was the day before the US attacked Iran. The national average for gas, meanwhile, stood at $3.93, up 22% from the $3.22 it was at a year ago. The Wall Street Journal explains that "gasoline prices don't adjust immediately to crude oil changes because the effect moves through the supply chain—taking weeks to travel through pipelines, process at refineries, and be distributed."