U.S. President Donald Trump said on Monday gasoline retailers must get prices down immediately and warned that there will be “big problems” ahead if they did not do so.
Here are details:
* “Gasoline Retailers must get their Prices down, IMMEDIATELY,” Trump wrote on Truth Social.
* “There will be no gauging, which is totally illegal. If Retailers don’t do this, big problems lie ahead! Start targeting around the $2.50 a Gallon number,” he wrote.
* Last week, Trump said he has instructed the Department of Justice to look into oil companies for not lowering gasoline pump prices in line with falling crude costs, accusing the companies of “gouging” customers.
* Oil prices spiked this year after the U.S. and Israel launched strikes on Iran in late February and Iran responded with its own attacks on Israel and Gulf states with U.S. bases.
* Consumers have raised concerns over high gasoline prices, as the president and his fellow Republicans battle to hold narrow majorities in Congress in November’s midterm elections.
* Diplomacy between Washington and Tehran to resolve the conflict has translated into some recent relief at the pump for Americans.
* U.S.-Israeli strikes on Iran and Israeli attacks in Lebanon have killed thousands and displaced millions. A ceasefire went into effect in April and has since been extended but the U.S. and Iran have accused each other of violations.
(Reporting by Kanishka Singh in Washington; Editing by Caitlin Webber)