Washington: US President Donald Trump has said his administration was investigating major oil companies over suspected price gouging, arguing that falling crude oil prices had not translated into lower prices at American petrol stations.
Speaking after his meeting with NATO Secretary General Mark Rutte at the White House on Wednesday (local time), Trump said the Department of Justice was examining whether energy companies were passing on lower costs to consumers.
“We are not seeing anything at the pump by comparison to what it should be,” Trump said.
“We should be, in my opinion, at $2.25 right now at the pump, and we’re higher than that.”
The President named several of the world’s largest energy companies, including ExxonMobil, Chevron, Shell and BP.
“It’s ExxonMobil, it’s Chevron, it’s Shell, it’s BP. It’s a lot of them,” he said.
Trump said oil prices had fallen sharply, but retail fuel prices had not declined at the same pace.
“The gasoline prices should be much lower at the pump, and the oil companies are possibly gouging.”
He warned that companies found to be exploiting consumers would face consequences.
“I hope they’re not; otherwise, they’re going to be in big trouble. They’re going to be in big trouble; we’re not going to play games.”
Asked whether he had personally spoken to oil executives, Trump replied: “I told them, ‘Don’t gouge our people.'”
The President linked lower fuel prices to broader efforts to reduce the cost of living for Americans.
“We are sending out, think of it, 19 million barrels came out yesterday. That is a flood, that’s like a gusher,” he said.
“They’re not reducing the prices commensurate with what’s happening.”
Trump argued that lower energy prices would help improve affordability across the economy.
“We’re doing great,” he said. “The Democrats gave us a tremendous affordability problem, and we’re reducing prices a lot.”
The President also returned to his long-standing call for lower interest rates, saying they remained the key to improving the US housing market.
“I know housing better than anybody, maybe anywhere,” Trump said.
“It’s all about the interest rate. Lower the interest rates, you can have all the housing you want.”
He said he remained concerned about protecting homeowners while making housing more affordable.
“I don’t want to hurt people that own houses, too.”
“What you want to do is what’s good for everyone: get the interest rates down.”
Trump also reiterated that he would not sign the housing legislation currently before him, saying he wanted to focus instead on election-related legislation.
“I said I’m not signing the housing bill,” he said.
The United States is one of the world’s largest oil producers, and changes in American fuel prices are closely watched by global energy markets. Crude oil prices influence transport, manufacturing and inflation worldwide, making US energy policy significant well beyond its borders.
(IANS)
