Trump warns gas stations: Cut prices now or face 'big problems'

Donald Trump on Sunday (local time) directly called out US gas stations after international oil prices fell following the signing of a ceasefire memorandum of understanding with Iran, warning them to lower prices immediately.

Trump posted on his Truth Social account that "gas stations must reduce their prices immediately," adding that "gasoline prices are too high" given that crude oil is currently trading at $68 per barrel and falling.

He went on to say that "gas stations must react quickly to this statement and do the right thing," urging them to "lower prices for our great Americans."

Trump went further, warning that "if they don't do this, big problems are coming their way."

Earlier, Trump had directed the Justice Department to investigate the issue, expressing frustration that gasoline prices had not fallen enough despite a broader decline in international oil prices.

According to Bloomberg, Trump posted on Truth Social on June 24 (local time) that "the price the big oil companies are paying for crude oil has dropped dramatically, yet the price at the pump has not dropped correspondingly."

Trump said gasoline prices "should start coming down much faster than what I am witnessing right now."

However, Trump did not specify what kind of investigation he had directed the Justice Department to conduct.

Trump has expressed frustration that the drop in global crude prices has not been quickly passed on to consumers, even as international oil prices have trended lower amid increased traffic through the Strait of Hormuz following the US-Iran ceasefire MOU.

The move is also seen as an effort to shore up public support ahead of the midterm elections in November.