CVX, XOM, COP Slip Overnight As Trump Orders DOJ Probe Into Big Oil's Gasoline Prices: 'Customers Are Being Gouged'

Trump said crude prices are “dropping like a rock.”

• The president said he instructed the DOJ to “immediately” review gasoline pricing and demanded that pump prices fall faster.
• Oil continued to decline, with Brent near $76 per barrel and WTI below $73 per barrel as Strait of Hormuz flows improved.
• Trump said 19 million barrels of oil moved through Hormuz on Tuesday, calling it an “all-time RECORD.”

Chevron Corp. (CVX), Exxon Mobil Corp. (XOM) and ConocoPhillips (COP) all slipped 1% overnight heading into Wednesday after U.S. President Donald Trump accused major oil companies of keeping gasoline prices too high even as crude prices tumble.

Trump Orders DOJ Gas Price Review 

“The big Oil Companies are not dropping their price at the pump” in line with lower oil costs, Trump said on Truth Social. “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!”

Trump’s warning came as oil extended its slide, with Brent moving toward $76 per barrel and West Texas Intermediate below $73 per barrel. The president also pointed to improving flows through the Strait of Hormuz, saying on Tuesday that 19 million barrels of oil moved through the key shipping lane, calling it an “all time RECORD.”

“Oil prices are tumbling down, and the World is a much safer place!!!” Trump said in a separate Truth Social post. Gasoline prices have fallen sharply from their May peak and are now below $4 a gallon, according to GasBuddy. Still, prices remain above the five-year seasonal average, keeping political pressure on oil companies.

Big Oil’s War Rally Starts To Fade 

Big Oil stocks surged after the U.S.-Israeli war against Iran began on Feb. 28, as traders priced in fears of supply disruption and a potential shock to the Strait of Hormuz. Since then, Exxon Mobil has climbed 31%, Chevron is up 17%, and ConocoPhillips has gained 16%, even after recent pullbacks.

The broader energy sector also rallied, with the Energy Select Sector SPDR Fund (XLE) ETF up 25% since the war began, slightly ahead of the S&P 500’s 24% gain over the same period. The rally was fueled by a sharp spike in oil prices at the height of the war premium, though that premium is now unwinding as tanker traffic improves, crude prices fall, and Washington and Tehran signal early progress toward ending the conflict.

Trump Blasts Iran War Vote 

Meanwhile, the Senate voted 50-48 on Tuesday to approve a symbolic measure urging Trump to end the U.S. war with Iran or seek congressional approval. The resolution, already passed by the House, will not go to Trump and will not have legal force. 

Trump called the vote “poorly timed and meaningless” on Truth Social, saying Iran was on the “ropes” and senators had made his job “more difficult.” Four Republicans joined Democrats in backing the measure, while Sen. John Fetterman was the only Democrat to oppose it.

How Do Retail Traders Feel About Big Oil?

On Stocktwits, retail sentiment was ‘bearish’ for XOM, ‘neutral’ for CVX and ‘bullish’ for COP, with all three seeing ‘normal’ message volume. XOM’s message volume jumped 433% over the past month, COP’s rose 200% over the past three months, and CVX’s watcher base increased 1% over the past three months. 

Over the past year, XOM has gained 29%, while CVX is up 25% and COP has risen 24%. 

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