President Donald Trump excoriated several U.S. oil giants for not working to bring down gas prices fast enough in the wake of the memorandum of understanding with Iran, which he signed last week.
“We should be, in my opinion, at $2.25 right now at the pump, and we’re higher than that,” he said while speaking in the Oval Office on Wednesday afternoon. “And we are doing a big investigation on it, yeah. They’re not reducing the prices commensurate with … what’s happening.”
Trump specifically called out Exxon Mobil, Chevron, Shell, and BP for allegedly capitalizing on the Iran war, which caused global oil prices to escalate.
“So it’s Exxon Mobil, it’s Chevron, it’s Shell, it’s BP, it’s a lot of them,” Trump said. “The gasoline or the oil prices have come down so much, and we are not seeing anything at the pump by comparison to what it should be.”
Gas prices in the United States have dropped since last week’s MOU signing, but still sit at a national average of $3.93 per gallon, according to AAA. Just a week ago, the national gas average was $4.03. Iran has reopened the Strait of Hormuz in the wake of the MOU, which has helped alleviate gas prices.
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“Look, we are sending out, think of it, 19 million barrels came out yesterday. That is a flood, that’s like a gush here, that’s an oil gush here, and they should be much lower, the gasoline prices, which really is what people see more than anything else,” Trump said, alluding to voter disapproval with his administration over high gas prices.
“But the gasoline prices should be much lower at the pump,” the president said. He also threatened that oil companies are “gonna be in big trouble.”