While taking questions in the Oval Office on Wednesday, President Donald Trump claimed he’s “doing a big investigation” into oil companies over high gas prices.

Appearing alongside NATO Secretary-General Mark Rutte, Trump was asked by an unnamed reporter about his recent calls for a Department of Justice investigation into these high prices across the U.S., which many experts attribute to the president’s war with Iran.

“It’s ExxonMobil, it’s Chevron, it’s, uh, Shell, it’s, uh, BP, it’s a lot of ’em,” the president said from the White House on Wednesday. “The gasoline, or the oil prices, have come down so much, and we are not seeing anything at the pump by comparison to what it should be. We should be, in my opinion, at $2.25 right now at the pump. And we’re higher than that, and we are doing a big investigation on it, yeah. They’re not reducing the prices commensurate with, uh, what’s happening.”

On Tuesday evening, Trump posted to Truth Social to slam “the big oil companies.”

“The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil,” he wrote. “Those prices are dropping like a rock! In other words, customers are being “gouged.” I have instructed the DOJ to immediately start looking into this. Gasoline prices better start going down a lot faster than what I’m seeing! President DJT.”

According to the American Automobile Association, the national average fell to $3.93 per gallon on Wednesday. Just one month ago, it was $4.51. Right before the start of the Iran war, it was $2.98.

Michael Noel, a professor of economics at Texas Tech University, told TIME of Trump’s negotiations timeline, despite the signing of a memorandum of understanding with Iran, “Until the markets are certain that this is really over, then we should not expect to see crude prices go back to where they were, because they’re always going to price in a probability that this is all just talk and we go straight back to war again.”

Watch the clip above via Fox News.

New: The Mediaite One-Sheet "Newsletter of Newsletters"
Your daily summary and analysis of what the many, many media newsletters are saying and reporting. Subscribe now!