So it’s not under $2? Trump loses it in late-night post about high gas prices he promised would drop

So it’s not under $2? Trump loses it in late-night post about high gas prices he promised would drop Trump previously assured Americans that they would ‘soon’ see $2 gas prices, which would ‘drop like a rock’ as soon as the war in Iran is over - Bookmark - CommentsGo to comments President Donald Trump raged against oil companies for not dropping their prices at the pumps following his fragile peace deal with Iran to end the war, and said he has instructed the Justice Department to investigate. Trump rebuked the unspecified big oil companies in a midnight Truth Social post Wednesday, where he claimed that “customers are being gouged” by the multi-trillion-dollar industry. It follows the president’s false claims last year that Americans “are going to see $2 gasoline pretty soon,” and assurances he made on May 11 that oil and gas prices would “drop like a rock” as soon as the war is over. “The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil,” Trump fumed in the early hours. “Those prices are dropping like a rock! In other words, customers are being “gouged.” I have instructed the DOJ to immediately start looking into this.” “Gasoline prices better start going down a lot faster than what I’m seeing!” the president added. At a Tuesday event in Pennsylvania, Trump tried to reassure voters that they were better off now than they were two years ago, as rising costs remain a top concern for Americans ahead of the midterm elections. “That oil is going to come charging down. And with oil comes everything else,” he said. Trump’s war in Iran, launched in late February, and the closure of the vital Strait of Hormuz saw gas and energy prices rocket, causing much higher prices for Americans at the pumps. Iran and the U.S. signed a 14-point memorandum of understanding last week setting out broad agreements in principle to end the war and have begun 60 days of talks aimed at hammering out thornier details. Gas prices have eased in recent weeks, but experts have warned it could take a year for them to return to pre-war levels. As of Tuesday, the national average price per gallon was $3.93, compared to $4.52 one month ago, according to the AAA. Before the conflict, the average was $3. Experts have previously cautioned that it will take time for fuel prices to recover from the war. While there would be some relief in the following days if the Strait of Hormuz were to reopen fully without disruption, prices would take longer to recover. “Even assuming a true and lasting end to the military conflict, it would still be several months before traffic through the Strait of Hormuz returns to its pre-war level,” Rob Smith, an analyst with S&P Global Energy, told Axios last month. “U.S. gasoline prices would ... decline in the months following an end to the war but would be unlikely to return to pre-war levels before the end of the year,” Smith added. Patrick De Haan, head of petroleum analysis at GasBuddy, told the outlet he anticipated pre-war prices would return “in early/mid 2027.” De Haan added that he estimated prices would come down by about a third within one to three months. The reason for the lag is to do with global fuel movements and retail pricing back home in a phenomenon economists refer to as “rockets and feathers.” When oil prices increase, so do gas prices, which represents the “rocket” part of the analogy. When oil prices drop, gasoline prices follow but drift down at a much slower rate, representing the “feather,” the Federal Reserve Bank of St. Louis explained. Join our commenting forum Join thought-provoking conversations, follow other Independent readers and see their replies Comments