After pressuring the Fed and failing, Trump turns to gas stations, telling oil companies: Gasoline must be reduced to $2.5 per gallon.

ME News, June 30 (UTC+8). After failing to pressure the Federal Reserve, Trump shifted the focus of the inflation fight to gasoline retailers. In a post on Truth Social, he said crude oil prices have fallen to $68 per barrel and are continuing to trend downward, urging gas stations to cut prices immediately, and adding bluntly that if they do not lower prices, “big problems are coming.” He even called for oil prices to be brought down to $2.5 per gallon.

According to AAA data, the current average price of regular gasoline is $3.85 per gallon, down from $4.36 a month ago, but still higher than $3.19 in the same period last year. Data shows that, as of May, the U.S. inflation rate was 4.2%, far above the Federal Reserve’s 2% target. Gasoline prices have risen 40.5% over the past 12 months, and fuel prices are up 58.9%. The main reason was that conflicts between the U.S. and Iran had at one point disrupted Middle East oil supply routes.

Previously, Trump had repeatedly pressured former Fed Chair Powell and Governor Lisa Cook in an attempt to push for rate cuts, but the newly appointed Chair, Waller, did not cut rates at his first FOMC meeting.

Notably, on Monday the U.S. Supreme Court ruled 5-4 that Trump’s earlier attempt to remove Cook was unlawful for failing to follow due process, further strengthening the Fed’s independence. This was seen as another blow to the White House’s efforts to influence market pricing. (Source: BlockBeats)