According to AAA, the national average gasoline price stood at $3.85 per gallon on Tuesday
President Donald Trump urged US retailers to lower fuel prices immediately and aim for an average gasoline price of $2.50 per gallon.
He said fuel prices are still elevated even as crude oil costs decline. In a social media post, he warned retailers against alleged price gouging.
Trump’s comments came as global oil prices eased following optimism over the reopening of the Strait of Hormuz and progress in US-Iran talks.
According to AAA, the national average gasoline price stood at $3.85 per gallon on Tuesday, down from $4.02 last week but still above Trump’s target.
Meanwhile, Brent crude traded below $73 per barrel, while West Texas Intermediate hovered around $70.64.
Industry experts said gasoline prices usually take time to reflect lower crude costs because refining, transportation, and distribution expenses create a lag between falling oil prices and cheaper fuel at the pump.