Trump Orders $2.50 Gasoline and Launches DOJ Probe of Oil Companies

On June 29, President Donald Trump demanded that U.S. gasoline retailers immediately cut prices to $2.50 per gallon. In a Truth Social post, he warned of serious consequences for those who fail to comply and confirmed he had directed the Department of Justice (DOJ) to investigate oil companies for not passing crude oil price declines through to the pump.

The demand comes as the national average for regular gasoline stands at $3.86 per gallon, according to AAA data as of June 29, 53 cents below the $4.39 peak recorded a month earlier but $1.36 above the presidential target. West Texas Intermediate (WTI) crude is trading around $68 per barrel, well below the levels that surpassed $100 following the U.S.-Israel military offensive against Iran in late February 2026, according to Forbes México. The White House had already directed the DOJ the previous week to examine whether ExxonMobil, Chevron, Shell, and BP engaged in speculative pricing practices, Reuters reported.

The gap between crude prices and pump prices carries direct implications for Mexico. The country imports the bulk of its gasoline from U.S. Gulf Coast refineries, and the U.S. reference price feeds into the calculation of the Special Tax on Production and Services (IEPS) applied by the Ministry of Finance (Secretaría de Hacienda). A drop in U.S. pump prices squeezes refining margins across the Gulf of Mexico region. The U.S.-Iran ceasefire, in effect since April 2026 and reinforced by a nuclear roadmap agreement reached on June 21, has allowed the reopening of the Strait of Hormuz and the gradual stabilization of global crude supply.

Trump's pressure campaign comes five months before the November 2026 midterm elections, in which the Republican Party is defending narrow majorities in Congress. While the executive branch's direct leverage over retail prices is limited, the DOJ investigation keeps regulatory pressure on the refining sector in the near term.

This article was written with artificial intelligence assistance from verified sources and reviewed by a human editor before publication.