Jun. 24 at 10:29 PM
President Donald Trump said Wednesday that the U.S. Department of Justice is conducting an investigation into Exxon Mobil, Chevron, and other oil companies over elevated gasoline and natural gas prices. Trump indicated that regulators are examining whether energy producers and fuel retailers have failed to reduce prices in line with recent declines in crude oil costs, raising concerns about potential price gouging.
The president pointed to a recent release of 19 million barrels of oil, arguing that the additional supply should have led to a more meaningful decline in fuel prices for consumers. In comments made both publicly and on Truth Social, Trump accused oil companies of maintaining prices at artificially high levels despite changing market conditions.
The remarks weighed modestly on energy stocks in after-hours trading, with shares of Exxon Mobil and Chevron moving lower as investors evaluated the possibility of increased regulatory scrutiny.
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