An article summarized by Quartz:

President Trump said he has directed the Department of Justice to investigate major oil companies, accusing them of failing to lower gasoline prices fast enough despite a sharp decline in crude oil prices. In a social media post, Trump claimed consumers were being "gouged" at the pump and warned that gasoline prices should be falling more quickly as oil costs continue to drop. He did not identify any specific companies that may be targeted by the investigation.

The oil industry pushed back against Trump's criticism, arguing that gasoline prices do not immediately track crude oil prices because refining costs, transportation expenses, inventories, and taxes also affect what consumers pay. Energy experts similarly noted that it can take weeks for lower crude prices to work their way through the supply chain and reach gas stations. Analysts described Trump's comments as largely political, emphasizing that fuel pricing is influenced by many factors beyond the cost of crude oil alone.

Trump's remarks came as oil prices fell significantly following signs that shipping traffic through the strategically important Strait of Hormuz was returning to normal after months of disruption tied to tensions involving Iran. National average gasoline prices have already declined for six straight weeks and are down more than 14% from their May peak, though they remain higher than a year ago. With midterm elections approaching and energy costs still elevated compared with the start of the year, fuel prices have become an increasingly important political issue for the White House and congressional Republicans.

For the article: https://qz.com/trump-doj-probe-oil-companies-gas-prices-062426