Trump to gas companies ‘Drop your price!’

Administration Trump to gas companies ‘Drop your price!’ Comments: by Ryan Mancini - 06/30/26 8:41 AM ET Comments: Link copied by Ryan Mancini - 06/30/26 8:41 AM ET Comments: Link copied

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President Trump on Monday called on gas companies to lower their prices, as they remain significantly elevated, though some prices have fallen, amid the U.S.-Israeli conflict in Iran began in February.

“Gasoline Retailers must get their Prices down, IMMEDIATELY!” Trump wrote on Truth Social. “They’re too high considering that Oil is now at $68 a Barrel, and heading south. The Retailers must quickly react to this statement, and do what they know is right — DROP YOUR PRICE FOR OUR GREAT AMERICAN PEOPLE!”

He added that there “will be no gauging, which is totally illegal,” reiterating a claim that previously led him to direct the Department of Justice to investigate possible price gauging at the pump. He warned that if there was price gauging, “big problems lie ahead!”

The president also took a swipe at California, which has seen some of the highest gas prices since the war started. The Golden State’s average price for gas sits at $5.43 on Tuesday, after surpassing $6 last month, according to data from AAA.

“Start targeting around the $2.50 a Gallon number, and California should stop charging such heavy Taxes on their Gasoline,” Trump wrote. “Soon the Tax will be higher than the Product itself, and the United States will not stand for it, nor will the People of California, who are being abused by these ridiculous Taxes, and by their own Government.”

By AAA’s metrics, the national price average for gas stands at $3.85, down from $4.36 last month. Gas prices reached their highest in four years going into Memorial Day weekend last month, at $4.56.

The price of gas soared in recent months after Iran closed the Strait of Hormuz, the key waterway where roughly 20 percent of the world’s oil passes through.

The U.S. and Iran’s memorandum of understanding (MOU), which both countries have signed, maintains that the strait will reopen and allow the free flow of vessels carrying cargo and exports, including oil and gas.

Washington and Tehran agreed to “stand down for now” after a flare-up over the weekend, after Iran asserted its authority over the strait following Trump’s claim that an Iranian drone struck a commercial vessel sailing close to the coast of Oman. The U.S. struck back after the U.S. Central Command (Centcom) on Saturday said that it had carried out retaliatory strikes on Iranian targets.

That same day, Trump threatened the Islamic Republic’s existence and accused it of violating the ceasefire deal.

Gas prices could be a deciding factor for voters looking ahead to the November midterm elections. Gallup last week found that 67 percent of respondents said “recent price increases in gasoline” have resulted in “financial hardship” for themselves or their household.

These prices are expected to fall further unless there are any changes with the MOU and the conflict, though some experts warn that the threat brought on by hurricane season could disrupt fuel exports and bump prices up 25 to 30 cents per gallon, according to a 2023 report from the U.S. Energy Information Administration.