Oil prices have landed back to near pre-war prices as the US and Iran projected progress in peace talks, and more tankers passed through the Strait of Hormuz than at any time since the conflict began.
But US retail gas prices have stayed north of $3.90, prompting President Donald Trump on Wednesday to accuse “Big Oil” of price gouging. His complaint echoed former President Joe Biden’s, who blamed oil and gas companies for soaring prices after Russia invaded Ukraine in 2022.
Although “Big Oil” doesn’t set retail gas prices, CNN noted, presidents find it easier “to point the finger when gas prices become a political problem.” Trump has ordered his Justice Department to investigate oil companies.
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