President Trump is targeting gasoline retailers in his efforts to combat rising gas prices, which have increased by over 40% in the past year. He has called for prices to drop immediately, suggesting a target of $2.50 per gallon, despite the current average being around $3.85. This shift comes following a Supreme Court ruling that reinforced the independence of the Federal Reserve, restricting Trump's ability to influence monetary policy directly. He previously aimed criticism at the Fed for high interest rates, which he claims hinder economic growth. Trump's public statements emphasize urgency for retailers to lower gas prices amidst inflation concerns.

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Economy Big Oil

Trump takes his inflation battle to gas retailers after his plot against the Fed runs aground—sets target for $2.50 a gallon

Eleanor Pringle

By Eleanor Pringle Eleanor Pringle

Senior Reporter, Economics and Markets Down Arrow Button Icon

Eleanor Pringle

By Eleanor Pringle Eleanor Pringle

Senior Reporter, Economics and Markets Down Arrow Button Icon

June 30, 2026, 7:11 AM ET

US President Donald Trump arrives to speak during a Rose Garden Club dinner with American farmers at the White House in Washington, DC, on June 25, 2026.

US President Donald Trump arrives to speak during a Rose Garden Club dinner with American farmers at the White House in Washington, DC, on June 25, 2026. Mandel NGAN / AFP - Getty Images

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President Trump is searching for a new target in his battle against the affordability crisis, and it seems he’s found one in gasoline retailers.

The price of gas increased 40.5% on a 12-month basis ending May 2026, with fuel oil also moving up 58.9%, according to the Bureau of Labor Statistics (BLS). The increases came after the global oil supply was choked by the U.S. and Israel’s conflict with Iran—threatening supply routes out of the Middle East. With the conflict now seeming to be drawing toward a conclusion, oil prices have been coming down.

Gas prices, however, have remained elevated.

“Gasoline retailers must get their prices down, IMMEDIATELY!” Trump wrote in a post on Truth Social in the early hours of this morning. “They’re too high considering that oil is now at $68 a barrel, and heading south. The retailers must quickly react to this statement, and do what they know is right — DROP YOUR PRICE FOR OUR GREAT AMERICAN PEOPLE!”

Supreme Court sting

Another motivation for Trump to turn his attention away from the central bank and toward his former campaign donors in the Big Oil sector is a Supreme Court decision from yesterday.

Justices ruled 5–4 on Monday that President Donald Trump was wrong to try ousting Fed Governor Lisa Cook last August because she didn’t receive due process. The ruling retained the Fed’s special status in the government that shields it from interference by the White House—now or in the future.

“Cook was entitled to notice and some opportunity to respond prior to her termination,” Chief Justice John Roberts wrote, adding that Trump’s argument that presidents should be able to remove a member of the Fed “at any time, for any reason, without any notice before, and without any judicial check” renders the “for-cause protection into little more than at-will employment.”

Roberts added that the central bank’s independence must be upheld not just in practice but also in belief among the rest of the world: “Not only the fact of independence but also the appearance of independence is key to the Federal Reserve’s design.”

While Trump had already been sniping at gas retailers, the Supreme Court’s ruling was a further blow to the White House’s bid to broadly control market prices—a matter all the more pressing as the midterms inch closer.

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About the Author

By Eleanor PringleSenior Reporter, Economics and Markets

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Eleanor Pringle is an award-winning senior reporter at Fortune covering news, the economy, and personal finance. Eleanor previously worked as a business correspondent and news editor in regional news in the U.K. She completed her journalism training with the Press Association after earning a degree from the University of East Anglia.

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Latest in Economy

Economy Big Oil

Trump takes his inflation battle to gas retailers after his plot against the Fed runs aground—sets target for $2.50 a gallon

By Eleanor PringleJune 30, 2026

5 hours ago