President Donald Trump on Monday called on gasoline retailers across the country to slash prices without delay, arguing that the recent decline in crude oil prices should already be translating into lower costs for American drivers.

In a post on Truth Social, Trump said fuel prices remain unjustifiably high even as crude oil has fallen to roughly $68 per barrel.

“Gasoline Retailers must get their Prices down, IMMEDIATELY!” Trump wrote. “They’re too high considering that Oil is now at $68 a Barrel, and heading south.”

The president urged gas stations to reduce prices for consumers and cautioned retailers against what he characterized as unlawful price gouging.

“DROP YOUR PRICE FOR OUR GREAT AMERICAN PEOPLE!” Trump wrote. He also warned there would be “no gauging [sic], which is totally illegal.”

Trump added another warning to retailers, writing, “If Retailers don’t do this, big problems lie ahead!”

He said gasoline should be selling for approximately $2.50 per gallon and singled out California over its fuel tax policies.

“California should stop charging such heavy Taxes on their Gasoline,” Trump wrote. “Soon the Tax will be higher than the Product itself, and the United States will not stand for it, nor will the People of California, who are being abused by these ridiculous Taxes, and by their own Government.”

Trump’s remarks came less than a week after he directed the Justice Department to examine whether gasoline retailers have engaged in price gouging, contending that prices at the pump have failed to fall as rapidly as crude oil prices following the recent retreat in energy markets.

Energy analysts note that retail gasoline prices often take longer to decline because stations and refiners are frequently selling fuel purchased when crude oil prices were higher. Refining expenses, transportation costs, seasonal fuel requirements, and state taxes also play significant roles in determining the price consumers ultimately pay.

Economists commonly refer to this pricing pattern as “rockets and feathers,” meaning gasoline prices typically surge quickly when crude oil rises but drift downward more slowly after oil prices decline.

Trump has consistently argued that reducing energy costs is one of the most effective ways to curb inflation and lower everyday expenses for American families. He concluded Monday’s message by again pressing retailers to lower prices promptly.

“The Retailers must quickly react to this statement, and do what they know is right,” Trump wrote.

{Matzav.com}