Trump tells US gasoline retailers to lower prices or face 'big problems' if they don't

WASHINGTON — U.S. President Donald Trump on Monday urged gasoline retailers to immediately lower fuel prices, warning of “big problems” if they fail to do so.

In a post on Truth Social, Trump said gasoline retailers should reduce prices without delay and warned against what he described as illegal price gouging. He also said retailers should aim for gasoline prices of around $2.50 per gallon.

Last week, Trump said he had instructed the U.S. Department of Justice to investigate oil companies for allegedly failing to lower gasoline prices in line with declining crude oil costs, accusing them of overcharging consumers.

Oil prices surged earlier this year after the United States and Israel launched strikes on Iran in late February. Iran later retaliated with attacks on Israel and Gulf states hosting U.S. military bases.

High gasoline prices have remained a concern for American consumers as Trump and fellow Republicans seek to maintain their narrow majorities in Congress ahead of the November midterm elections.

Recent diplomatic efforts between Washington and Tehran have helped ease fuel prices, providing some relief for U.S. motorists.

The conflict involving the United States, Israel, and Iran, as well as Israeli military operations in Lebanon, has killed thousands of people and displaced millions. A ceasefire that took effect in April has since been extended, although Washington and Tehran have accused each other of violating the agreement.

-Reporting by Kanishka Singh in Washington; Editing by Caitlin Webber/Reuters