Business
Justice Department urges states to target illegal activity amid high gas prices
FOX Business correspondent Grady Trimble reports as Millions are traveling for America’s 250th birthday, setting record numbers despite increased airfare and gas prices on ‘Varney & Co.’
The federal government is urging state attorneys general to probe and prosecute any illegal activities contributing to high fuel costs for Americans.
“Although crude oil prices are now dropping rapidly, far too much of that price cut is being withheld from Americans when they pay for gasoline,” the letter, signed by Associated Attorney General Stanley Wodward, Jr. and Federal Trade Commission Chair Andrew Ferguson, claims.
The document includes a screenshot of a Truth Social post that President Donald Trump issued last week.
In that June 24 post, Trump asserted, “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!”
BESSENT WARNS GAS STATIONS ‘WE’RE WATCHING’ AS TRUMP DEMANDS IMMEDIATE PRICE CUTS
President Donald Trump speaks to the media as he arrives at the U.S. Capitol on June 24, 2026, in Washington, DC. (Anna Moneymaker/Getty Images / Getty Images)
The letter to the state attorneys general states, “As the Department of Justice (DOJ) answers the President’s call to action, both the DOJ and the Federal Trade Commission (FTC) are closely monitoring petroleum markets.”
“We urge state law enforcers to join us in investigating illegal practices. Recent volatility in crude oil prices does not suspend either the antitrust laws or state consumer protection laws, and it does not authorize companies to manipulate retail prices or collude with their competitors,” the letter declares.
“We also encourage State Attorneys General to use all tools available under your state laws to investigate and prosecute any misconduct causing unjustified price increases — particularly conduct that violates state antitrust and consumer protection statutes. Although the Division and the Commission do not enforce any laws aimed specifically at price gouging rather than anticompetitive conduct, many States have also enacted laws specifically targeting price gouging during periods of market disruption or emergency, and we urge those states to review whether enforcement is warranted under those laws,” the federal officials noted.
Gas prices spiked considerably after the U.S. launched the war effort against Iran earlier this year, but have been declining more recently.
TRUMP ALLEGES GAS PRICE GOUGING, CALLS FOR DOJ INVESTIGATION
A driver reaches for the pump at a gas station in Carolina Beach, N.C., on Wednesday, July, 1, 2026. (Allison Joyce/Bloomberg via Getty Images / Getty Images)
The AAA national average price for regular gas is $3.823 as of July 3, down from the month-ago average of $4.261.
“Gasoline Retailers must get their Prices down, IMMEDIATELY! They’re too high considering that Oil is now at $68 a Barrel, and heading south. The Retailers must quickly react to this statement, and do what they know is right — DROP YOUR PRICE FOR OUR GREAT AMERICAN PEOPLE! There will be no gauging, which is totally illegal. If Retailers don’t do this, big problems lie ahead!” he warned in part of a Monday Truth Social post.
In part of a post on Wednesday he declared, “Just as I promised, Oil Prices are plummeting FAST, and Gas Prices at the pump are dropping too, but not as fast as they should be.”
TRUMP DEMANDS GAS STATIONS LOWER PUMP PRICES IMMEDIATELY AND RENEWS PUSH FOR $2.50 GASOLINE
A banner featuring President Donald Trump hangs outside of the Department of Justice headquarters ahead of a press conference with Acting Attorney General Todd Blanche announcing annual healthcare fraud takedown results in Washington, D.C. on June 23 (Ken Cedeno / AFP via Getty Images / Getty Images)
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“Affordable energy is essential to a thriving American economy. The Antitrust Division is committed to working alongside state law enforcement partners to provide resources and support to protect consumers from anticompetitive behavior that raises the price of gas,” Woodward said in a statement provided to Fox News Digital. “The Antitrust Division will use all available tools to ensure that companies are held accountable for unlawfully manipulating the market”
Siebert Financial CIO Mark Malek breaks down the benefits of ‘Trump Accounts’ on ‘The Claman Countdown.’
In an Independence Day announcement, tech billionaire Michael Dell and his wife Susan unveiled a “public-private partnership” aimed at giving millions of young Americans a direct financial stake in the nation’s economy.
The Dell Technologies CEO took to X on Saturday to announce they are giving $250 each to the first 25 million qualifying American children who sign up for “Trump Accounts.”
“This makes every child a shareholder in the greatest prosperity-creating engine the world has ever known — American capitalism,” Dell wrote in an X post. “Through this public-private partnership, we’re giving the next generation a real stake in our economy and a path to the American Dream: education, a first home, starting a business, and building lasting wealth.”
The Trump Accounts app will feature eight exclusive financial literacy modules. (U.S. Department of the Treasury / Fox News)
WHITE HOUSE UNVEILS TRUMP ACCOUNTS MOBILE APP AHEAD OF JULY 4 ROLLOUT
The announcement coincides with the official Fourth of July launch of Trump Accounts, a provision of new tax legislation designed to give young Americans a financial head start.
Under the program, which was announced one year ago, every U.S. citizen born between Jan. 1, 2025, and Dec. 31, 2028, is eligible to receive a $1,000 government-provided baseline investment upon enrollment.
Parents can register their children for the program when filing their taxes, acting as sole custodians of the account until the child turns 18.
FILE – President Donald Trump speaks during the Trump Accounts Launch Summit in Washington, D.C., in January. (Valerie Plesch/Bloomberg via Getty Images / Getty Images)
HOW TO KNOW IF YOUR CHILD QUALIFIES FOR A TRUMP ACCOUNT: ‘A FINANCIAL STAKE IN THE FUTURE’
While no personal contributions are required, parents have the option to deposit up to $5,000 per year, which is then invested directly in American companies in the stock market.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DELL | DELL TECHNOLOGIES INC. | 394.32 | -30.93 | -7.27% |
President Donald Trump projected the program will put $3 to $4 trillion of wealth into the hands of young Americans over the next 15 years.
“Decades from now, I believe that Trump Accounts will be remembered as one of the most transformative policy innovations of all time,” Trump said during the program’s announcement.
FILE – Sen. Ted Cruz, R-Texas, speaks during an announcement with Dell Technologies CEO Michael Dell and his wife, Susan, and President Donald Trump about “Trump Accounts” at the White House in 2025. (Andrew Caballero-Reynolds/ AFP/Getty Images / Getty Images)
Dell, who had previously pledged more than $6 billion to the program, said the initiative “unites us all in hope and optimism for every child’s future.”
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The combined launch of the government initiative and the Dells’ private contribution has drawn widespread praise, with Sen. Ted Cruz, R-Texas, lauding the effort on Saturday as “an extraordinary birthday gift to celebrate the greatest nation in the history of the world.”
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Business
Justice Department says Adani case should end because of foreign jurisdiction, small chance of success
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I spent 30 years in the institutional trenches as a trader, analyst, and portfolio manager, eventually running the equity trading desk at Northern Trust in Chicago. Those decades shaped my approach: stay disciplined, trust the data, and keep emotion out of the way. Since 2009, when I began publishing my stock selections, my portfolio has delivered solid long term results—compounding in the mid teens annually through 2025. Today I’m a private investor and investing coach, with a rules based framework that helps people build better portfolios. My work focuses on systematic thinking, behavioral awareness, and evidence over opinion. For my market outlook and model portfolio updates, visit zeninvestor.org. .
Analyst’s Disclosure: I/we have a beneficial long position in the shares of NVDA, AVGO, GOOGL either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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