President Trump Issues New Orders for US Petrol Retailers
- President Donald Trump directed petrol retailers across the United States to reduce pump prices immediately
- Trump urged retailers to target a petrol price of about $2.50 per gallon and accused some fuel sellers of charging motorists unfairly
- The US President also renewed pressure on major oil companies and defended his administration's efforts to increase domestic fuel production
US President Donald Trump has directed petrol retailers across the United States to cut fuel prices without delay, warning that businesses could face consequences if motorists continue paying what he described as excessive rates at the pumps.
Writing on his Truth Social platform, Trump urged retailers to reduce prices to about $2.50 per gallon.
Source: Twitter
According to Al-Jazeera, he also claimed that charging inflated prices amounted to an illegal practice and called on fuel sellers to act immediately.
“Gasoline Retailers must get their Prices down, IMMEDIATELY,” Trump wrote.
“There will be no gauging, which is totally illegal.”
“If Retailers don’t do this, big problems lie ahead! Start targeting around the $2.50 a Gallon number.”
“The Retailers must quickly react to this statement, and do what they know is right — DROP YOUR PRICE FOR OUR GREAT AMERICAN PEOPLE!”
Trump also criticised high petrol taxes in California, arguing that they were placing an unnecessary burden on consumers. He accused the state government of allowing fuel costs to climb to unacceptable levels.
What is behind the fuel price row?
The renewed push for lower pump prices comes after fuel costs rose during the recent US and Israel conflict with Iran. The administration has since pursued measures aimed at increasing domestic oil production, including using emergency powers to restart an oil pipeline in California that had been shut down following a major oil spill in 2015.
Last week, Trump also ordered an investigation into major oil companies over retail fuel prices.
“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 in an earlier social media post.
“Those prices are dropping like a rock! In other words, customers are being ‘gouged’. I have instructed the DOJ [Department of Justice] to immediately start looking into this.”
Trump has repeatedly argued that petrol prices would fall sharply after the conflict with Iran. However, several economists have disputed that prediction and warned that the war could continue to have lasting effects on energy markets and the wider economy.
Reasons why the Strait of Hormuz is critical
Tensions in the Middle East have renewed global attention on the strategic importance of the Strait of Hormuz, a narrow waterway critical to international oil shipments.
Source: Getty Images
Recent military action involving the United States, Israel and Iran has raised concerns that the route could be disrupted, with potential consequences for global energy supply.
The strait sits between Iran and Oman, linking the Persian Gulf to the Gulf of Oman and the Arabian Sea.
Trump: I don't care about international law
Earlier, Legit.ng reported that Donald Trump dismissed the need to follow international law as his administration presses forward with a series of forceful foreign policy actions, including a military operation in Venezuela.
Speaking to The New York Times, the United States president said only his personal judgement would restrain his conduct.
Source: Legit.ng
