President Donald Trump has accused major oil companies, including Exxon, Chevron, Shell, and BP, of price gouging consumers by keeping gasoline prices high despite a decline in crude oil prices. He has called for the Department of Justice to investigate this practice, asserting that drivers should see prices of around $2.25 per gallon at the pump. Trump's criticisms come as wholesale oil prices have decreased following tensions in Iran, but retail gas prices have not correspondingly dropped. The American Petroleum Institute defended the oil companies, stating that current conflicts still affect supply and refining processes. The situation raises broader concerns about inflation and economic impacts on consumers.

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‘We should be at $2.25 at the pump’: Trump says Exxon, Chevron, Shell and BP are price gouging drivers. Do you agree?

Thomas Kent

Sun, June 28, 2026 at 9:15 AM EDT8 min read

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President Donald Trump is accusing major oil companies of keeping gasoline prices artificially high despite a sharp drop in crude oil prices, saying American drivers are being "gouged" and calling on the Department of Justice (DOJ) to investigate.

"The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil," Trump wrote Wednesday on Truth Social (1). "Those prices are dropping like a rock! In other words, customers are being 'gouged.'"

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Trump said he had instructed the DOJ to "immediately start looking into this," adding, "Gasoline prices better start going down a lot faster than what I'm seeing!"

The comments come as wholesale oil prices have largely retreated to where they traded before the recent conflict with Iran, while prices at the pump have remained comparatively elevated.

Brent crude prices surged during the conflict (2) before falling back toward pre-war levels as ceasefire negotiations progressed. Retail gasoline prices have been slower to retreat, fueling criticism from the White House. Speaking in the Oval Office (3), Trump argued consumers should already be seeing much cheaper gasoline.

"Oil prices have come down so much, and we are not seeing anything at the pump by comparison the way they should be," Trump told reporters. "We should be, in my opinion, at $2.25 right now at the pump."

The companies Trump specifically mentioned (4) were Chevron (NYSE:CVX), ExxonMobil (NYSE:XOM), Shell (NYSE:SHEL) and BP (NYSE:BP).

Since energy prices are one of the biggest drivers of inflation, even temporary disruptions can ripple through the broader economy. For this reason, rather than trying to predict where oil prices will go next, it may be worth focusing on building diversified portfolios that can better weather periods of volatility.

Protecting your portfolio from economic uncertainty

Trump is not the only one taking notice of prices at the pumps.

A DOJ spokesperson told the BBC (5) that "the price of fuel is not only [a] national security issue, it impacts the wallet of every American," although it stopped short of confirming whether a formal investigation has been launched. Meanwhile, a spokesperson for the American Petroleum Institute, which represents the U.S. oil and gas industry, disputed Trump's characterizations.

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"Our industry shares the goal of delivering relief at the pump and restoring stability to global energy markets," API spokesperson Bethany Williams said, adding that the recent conflict is "still affecting supply, refining and inventories."

Whether gasoline prices fall quickly or remain elevated, the debate highlights a broader reality for investors: Geopolitical events can ripple through markets with little warning.

From conflicts in key oil-producing regions to sudden swings in inflation, external shocks can affect everything from household budgets to retirement savings. While no investment can eliminate risk, diversification may help reduce your portfolio's exposure to any single event.

Consider adding gold to your retirement portfolio

Periods of geopolitical uncertainty have historically led some investors to seek out "safe haven" assets they believe can better withstand inflation and market volatility.

Physical gold has long been viewed as one of those assets. While its price can fluctuate, many investors include it in a diversified portfolio because it has held its value over long periods in the past and often performs differently than stocks and bonds. A gold IRA, for example, is a powerful shield designed to protect your hard-earned retirement savings from the erosive effects of inflation and unpredictable market crashes.

Opening a gold IRA with the help of Goldco allows you to invest in gold and other precious metals in physical forms while also providing the significant tax advantages of an IRA.

With a minimum purchase of $10,000, Goldco offers free shipping and access to a library of retirement resources. Plus, the company will match up to 10% of qualified purchases in free silver.

You can invest with absolute confidence thanks to their best-in-class guaranteed buyback program. If your circumstances ever change, Goldco stands ready to repurchase your metals at the highest possible market value, ensuring you always have a clear exit strategy.

If you're curious whether this is the right investment to diversify your portfolio, you can download your free gold and silver information guide today.

Build diversification with private real estate

Gold isn't the only asset investors use to diversify beyond traditional stocks and bonds.

Commercial real estate has long played a role in the portfolios of high-net-worth investors because it can provide both income potential and long-term appreciation. Unlike publicly traded stocks, private real estate investments don't always move in tandem with broader market swings.

At the same time, while rental properties have often been a proven source of passive income for wealthy investors, buying, financing and managing multiple homes isn't always realistic for most people.

That's where mogul comes in. This real estate platform gives investors access to fractional ownership in blue-chip rental properties, allowing them to earn monthly rental income, benefit from potential appreciation and enjoy tax advantages without having to deal with hefty down payments or late-night maintenance calls.

Founded by former Goldman Sachs real estate investors, mogul handpicks the top 1% of single-family rental homes nationwide, giving everyday investors access to institutional-quality real estate opportunities. Every property is vetted to target strong returns, with the platform reporting an average annual IRR of 18.8% and cash-on-cash yields of 10% to 12%.

And because each investment is backed by a real property held in its own LLC, investors own a stake in the underlying asset — not just the platform. With offerings often selling out in hours, you can browse available properties and start building a more diversified portfolio in just a few clicks.

Have more to invest? Consider multifamily real estate

While single-family rental properties provide a great entry point into the asset class, investors looking to scale their portfolios further often turn to larger, commercial-grade opportunities.

If you are an accredited investor with a larger capital allocation who wants direct access to institutional-grade multifamily and industrial properties, you may want to explore more specialized, direct-to-investor models.

Lightstone DIRECT's direct-to-investor model ensures a high degree of alignment between individual investors and a vertically-integrated, institutional owner-operator — a sophisticated and streamlined option for individual investors looking to diversify into private-market real estate.

With Lightstone DIRECT, accredited individuals can access the same multifamily and industrial assets Lightstone pursues with its own capital, with minimum investments starting at $100,000.

But if you're looking for assets that operate completely outside the traditional stock and real estate markets, you might consider an opportunity that has historically remained uncorrelated to broader economic swings.

Explore alternative investments beyond public markets

Another way some investors diversify is by adding alternative assets with performance that isn't closely tied to traditional financial markets.

Blue-chip artwork is a prime example. While the average investor is glued to the S&P 500, billionaires like Jeff Bezos and Bill Gates have been diversifying into fine art to build wealth that defies stock market trends.

The stats back it up: Post-war and contemporary art outpaced the S&P 500 by 4.4% (6) from 1995 to 2020, maintaining near-zero correlation to traditional equities.

It's the ultimate potential hedge for your portfolio.

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‘We should be at $2.25 at the pump’: Trump says Exxon, Chevron, Shell and BP are price gouging drivers. Do you agree?

‘We should be at $2.25 at the pump’: Trump says Exxon, Chevron, Shell and BP are price gouging drivers. Do you agree?

Top Picks

Protecting your portfolio from economic uncertainty

Consider adding gold to your retirement portfolio

Build diversification with private real estate

Have more to invest? Consider multifamily real estate

Explore alternative investments beyond public markets

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