Trump urges oil companies to lower retail prices amid rising gas costs

President Trump has publicly urged oil companies to reduce retail oil prices, a move that could potentially impact the broader oil market by exerting downward pressure on prices. This statement comes amid a backdrop of rising U.S. retail gasoline prices, which have increased significantly over the past year. The current average price is $3.855 per gallon, according to the latest data from 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. Key Takeaways Trump’s directive to lower oil prices appears consistent with a decrease in the likelihood of crude oil reaching a new all-time high. Current market pricing suggests the probability of crude oil reaching a new all-time high by September 30 is at 3.9% YES, a decrease from 4% the previous day. December 31 market pricing reflects an 11.5% YES likelihood, unchanged from the previous week, indicating a more extended timeline for pot...