President says DOJ investigating oil companies for alleged price gouging after large release of barrels

The President said he had asked the Department of Justice to investigate major oil companies after he said recent declines in crude have not been reflected in pump prices.

"So, it's ExxonMobil. It's Chevron. It's Shell. It's BP," the President said, adding that gasoline prices at the pump should be closer to $2.25 per gallon and that a "big investigation" is underway.

He cited a large release of barrels into the market, saying roughly 19 million barrels were released the prior day, and said that despite the supply increase, consumer prices had not fallen as expected. The President called the practice "possibly gouging" and warned the companies that they could be in serious trouble.

An administration official (identified in the briefing as Pete) said investigators were reviewing the facts and that any required certifications or legal standards would be applied. The official emphasized that congressional oversight and statutory compliance play roles in export and defense-related equipment decisions raised elsewhere in the briefing.

Why it matters: A Department of Justice probe into oil companies over retail price transmission could trigger inquiries, subpoenas or enforcement actions depending on what investigators find. The President’s public naming of firms raises political and market attention while investigators determine whether any laws were broken.

The briefing did not include evidence of illegal pricing. The President’s claim about an exact pump-price target and the number of barrels released were stated without citation in the press forum.