- President Donald Trump has renewed his demand that gasoline retailers immediately lower prices, citing a recent agreement with Iran and declining oil prices.
- He warned retailers could face “big problems” if they fail to cut prices, suggesting a target of $2.50 per gallon while also criticizing California’s high gas taxes.
- Gas prices have begun falling after tensions with Tehran eased and shipping resumed through the Strait of Hormuz, with the national average dropping to $3.85 per gallon.
- Despite the decline, prices remain well above the $2.98 national average before the conflict with Iran, a spike that cost Americans an estimated additional $59 billion at the pump.
- The president previously accused U.S. oil companies of price gouging and threatened a Justice Department investigation into their pricing practices.
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