Trump oil price gouging: Ex‑Big Oil donors face DOJ probe as pump prices climb

In a blunt Truth Social post, Donald Trump accused the industry that helped finance his 2024 comeback of Trump oil price gouging, claiming drivers are being ripped off while crude prices tumble.

Trump oil price gouging accusations target Chevron, Exxon, BP and Shell

He singled out the four majors, insisting they have not passed on recent declines in benchmark oil costs to consumers. The president says he has instructed the Justice Department to launch an inquiry, though no timetable was disclosed.

“Customers are being gouged,” Trump wrote, adding that the DOJ will look into the matter.

Gasoline averages have risen to ↓ $3.91 per gallon, up from $3.22 a year ago, a figure the administration labels a national‑security concern. Reuters notes that the surge follows the Iran‑Israel conflict that spiked global oil markets.

From campaign donors to alleged price manipulators

During the 2024 race, oil executives pledged nearly ↑ $130 billion in market‑cap gains after the war began, according to the Bloomberg analysis. Climate‑policy watchdog Climate Power reported that Continental Resources, Occidental Petroleum and others funneled $96 million directly to Trump’s campaign, while corporate PACs contributed an additional $445 million to Republican allies.

The administration points to the One Big Beautiful Bill Act, which delivered $18 billion in tax breaks to the sector, as evidence of a mutually beneficial relationship.

Industry spokespeople, including Chevron CFO Eimear Bonner, warn that price adjustments at the pump lag crude swings by weeks, if not months. “It’s going to take time,” she said, emphasizing the lag between wholesale and retail markets.

The White House declined to comment on the probe, reiterating that fuel costs will ease once regional tensions subside. Meanwhile, a Gallup poll shows two‑thirds of Americans feel financial strain from high gasoline prices, a factor that could jeopardize Republican prospects in the upcoming midterms.