Crude oil prices have tumbled since Iran's interim peace deal reopened the Strait of Hormuz.
Gas prices have come down too - just not as fast.
The White House wants to know why. President Trump ordered the Department of Justice to investigate what he sees as a gap between the price oil companies pay for crude - the raw material that makes up about half the cost of a gallon of gas - and what drivers actually pay at the pump.
"The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil," Trump posted on Truth Social, adding: "Gasoline prices better start going down a lot faster than what I'm seeing!"
The administration gave no details on what the DOJ probe will look like. No word yet on subpoenas or specific targets.
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Why prices are sticky
When the Strait of Hormuz closed, crude prices shot up. Gas followed. Now the waterway is open again and crude has dropped sharply, but pump prices have only slipped 14% since late May, holding just under $4 a gallon.
That's still above the five-year seasonal average.
The main culprit is lean supply. US gasoline stockpiles - the reserves held by refiners, trading firms, and wholesalers - are at their thinnest for this time of year since 2014. When inventory sits that low, prices don't react the way you'd expect them to. Even with crude dropping, there's not enough cushion to bring costs down fast.
An election-year headache
This lands months before midterm elections. Democrats have made high living costs - gas prices especially - a central attack line. Expensive fill-ups right before voters cast ballots is the last thing the GOP wants. Trump's move shows the administration knows the issue is a vulnerability and is trying to get ahead of it.
What to watch
Any formal DOJ action - a subpoena, a full investigation, anything with teeth - could rattle oil stocks. But if inventories stay thin, the math at the pump may not move much regardless of what Washington does.
The president just put a target on the oil industry's back heading into election season.
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