Trump accuses big oil companies of price gouging

U.S. President Donald Trump has ordered an investigation into major power companies, saying drivers are “frustrated” by the drop in fuel prices after crude oil prices plunged on the world market.

In a briefing to reporters at the White House on Wednesday, Trump named Chevron, ExxonMobil, Shell and BP as saying that “gasoline prices at the pump should be very low.”

His comments will come later The price of wholesale oil has decreased from a high level The US and Israel’s war with Iran, however, is higher than it was before the conflict began.

The American Petroleum Institute (API), which represents the oil and gas industry in the US, says oil prices are “locked to crude oil.”

The BBC has contacted Chevron, ExxonMobil, Shell and BP for comment.

“Oil prices are down a lot and we’re not seeing anything at the pump,” Trump told reporters in the Oval Office.

“In my opinion, at $2.25 (£1.71) (a gallon) we should be at the pump now and we’re higher than that.”

Earlier, Trump said he believed drivers were being “displaced” by energy companies and ordered the Department of Justice (DOJ) to “immediately begin investigating this.”

“Fuel prices are not only a matter of national security, they affect every American’s wallet. We are always committed to ensuring fair prices in this country,” a DOJ spokesperson told the BBC.

“President Trump has been clear that there will be short-term, temporary disruptions to energy markets, and that once the situation in Iran is resolved, oil and gas prices will fall rapidly,” a White House spokesman said.

“President Trump has a proven track record of bringing gas prices to historic lows, and his administration is focused on providing economic relief to the American people.”

API spokeswoman Bethany Williams commented on Trump: “Our industry shares the goal of providing relief at the pump and restoring stability to global energy markets.”

She added that the conflict is still affecting supply, refining and logistics.