President Trump has publicly urged oil companies to reduce retail oil prices, a move that could potentially impact the broader oil market. This statement comes amid rising U.S. retail gasoline prices, with the current average price at $3.855 per gallon according to the Energy Information Administration (EIA). Trump’s comments echo his previous accusations of price gouging against oil companies and suggestions for a Department of Justice investigation into gas price behaviors. Markets appear to view these developments as potentially reducing the likelihood of crude oil reaching a new all-time high by the end of September, currently estimated at 3.9%.
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