Trump and Treasury Secretary Bessent pressure gas retailers to lower prices amid falling crude oil costs

Jun 30, 2026

President Donald Trump and Treasury Secretary Scott Bessent are aggressively pressuring gasoline retailers to lower pump prices to $2.50 per gallon. While crude oil has fallen to around $73 per barrel following a tentative U.S.-Iran peace agreement, retail gas averages remain high at $3.85. The administration has threatened DOJ price-gouging probes, while oil executives cite a natural lag between falling crude costs and retail adjustments.

Trump pressure on gas retailers

▪President Donald Trump announced that the Department of Justice is investigating ExxonMobil, Chevron, and other oil companies over potential price gouging.
▪President Donald Trump demanded on June 29, 2026, that gasoline retailers immediately lower pump prices to around $2.50 per gallon.
▪President Donald Trump warned gasoline retailers that they would face "big problems" if they did not lower prices, accusing them of illegal price gouging.

Iran war fuel price surge

▪The national average price for a gallon of regular gasoline in the U.S. rose from $2.98 on February 28, 2026, to a peak above $4.50 in May 2026.
▪U.S. and Israeli airstrikes on Iran in late February 2026 triggered a conflict that caused global oil supply disruptions and sent U.S. gas prices soaring.
▪The conflict with Iran forced American drivers to spend an estimated $59 billion to $63 billion in extra fuel costs at the pump.

Crude oil price decline

▪Global crude oil prices fell sharply in June 2026 after the U.S. and Iran signed a memorandum of understanding to end their conflict.
▪Brent crude futures fell to just below $73 per barrel, heading for its largest quarterly loss since the 2020 COVID-19 pandemic.

Retail pump price lag

▪The national average price for a gallon of regular gasoline stood at $3.85 on June 30, 2026, down from a peak of $4.39 in late May 2026.
▪Oil market researcher Rory Johnston stated that while crude and gasoline are connected, the gasoline market was near its tightest ever relative to crude.
▪Chevron Chief Financial Officer Eimear Bonner stated that a natural lag exists between reductions in crude oil prices and when those cuts appear at the pump.

Administration statements on pricing

▪Interior Secretary Doug Burgum advised Americans to buy fuel in Republican-led states, claiming gas was 53 cents cheaper per gallon on average than in Democratic-led states.
▪U.S. Treasury Secretary Scott Bessent urged gasoline retailers to reduce prices, noting that the administration is watching their behavior.

Regional fuel price variations

▪AAA data showed regional price variations on June 30, 2026, including $3.69 per gallon in Virginia compared to $4.10 per gallon in Idaho.
▪California's average gasoline price stood at $5.43 per gallon on June 30, 2026, driven in part by state taxes and environmental levies that account for 20% of the cost.