President Donald Trump ordered the Justice Department to investigate why gasoline prices aren't dropping as quickly as oil prices, claiming that consumers are being 'gouged.' 

"The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil. 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 said in a post on Truth Social. 

He provided no further details on what he specifically ordered the Justice Department to do. 

Following the signing of an interim peace agreement between the U.S. and Iran, West Texas Intermediate oil prices, the American benchmark, on Wednesday morning were approaching $70 per barrel, down from over $110 per barrel in April. 

The average gasoline price in the U.S., according to AAA, was $3.93 per gallon on Wednesday, down from $4.52 a month ago but over $0.71 over what they were a year ago. 

While the supply of crude and gasoline has improved, stockpiles were depleted during the war in Iran as countries tried to mitigate price shocks. Commercial inventories of gasoline at U.S. refineries, trading firms and wholesalers who sell to gas stations are around the lowest level for this time of year since 2014, Bloomberg reported.