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White House demands Justice Department investigate high US gasoline prices amid Brent slide

White House demands Justice Department investigate high US gasoline prices amid Brent slide

President Donald Trump ordered the Justice Department to launch an immediate investigation into major fuel market players over artificially inflated prices at US gas stations. On his personal Truth Social account, the president sharply criticized the corporations, saying they are not rushing to reduce retail gasoline prices in line with the drop in global crude prices. Trump said that while oil prices are "dropping like a rock," the big players continue "gouging drivers." He added that pump prices should fall much faster than they currently are.
The White House directive came against the backdrop of a continued sharp decline in crude prices on global exchanges. In trading on Tuesday, June 23, Brent, the benchmark North Sea grade, fell to $77 per barrel and touched session lows of $76.16, down 0.68% from the previous session’s close by midday. Such a pronounced downward trend in commodity markets makes the persistence of high retail gasoline prices economically unjustified, a development that prompted the administration’s strong reaction.
Experts attribute the current oil price collapse to de-escalation in the Middle East and the gradual resumption of tanker traffic through the strategic Strait of Hormuz. Late last week, the United States and Iran reached preliminary peace arrangements and officially lifted the blockade of the key regional shipping artery, after which the first supertankers began to transit the waters. Additional downward pressure on quotes stems from market expectations of a rapid influx of new large shipments of hydrocarbons from Iran, whose crude sanctions Washington temporarily lifted as part of the diplomatic compromise.

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