Trump Accuses Exxon, Chevron of Gas Price Gouging, Orders DOJ Probe

Former U.S. President Donald Trump accused major oil companies, including Exxon Mobil (XOM) and Chevron (CVX), of price gouging at the pump. Trump said he had instructed the Department of Justice (DOJ) to 'immediately start looking into this,' arguing that current gas prices are unjustifiably high.

Details of the Allegation

Trump stated, 'We should be at $2.25 at the pump,' implying that companies are charging far more than necessary. He did not provide specific evidence but insisted the DOJ would investigate promptly. No formal complaint or data was cited.

Company Response

Exxon, Chevron, Shell, and BP have not yet issued official statements. Historically, oil majors deny price manipulation, attributing pump prices to global crude costs, refining margins, and supply-demand dynamics.

Precedents and Context

Similar accusations have surfaced during past price spikes. In 2022, the Federal Trade Commission (FTC) investigated gasoline pricing but found no evidence of illegal coordination.

Potential Financial Impact

If the investigation leads to fines or penalties, it could negatively affect earnings for the involved companies. Short-term stock pressure is possible, but a fundamental shift in pricing is unlikely without clear evidence of wrongdoing.