Overview
- Energy markets spiked earlier this year after the U.S. conflict with Iran closed the Strait of Hormuz, sending U.S. pump prices to about $4.56 per gallon at their Memorial Day peak.
- Wholesale and retail prices have fallen since that peak to roughly $3.90–$3.92 nationally, but those averages remain well above the roughly $2.96 pre‑conflict level.
- On air, CNN host Kaitlan Collins challenged commentator Scott Jennings's claim that gas prices are a 'non‑story,' pointing to continued higher prices and recent presidential remarks.
- President Trump posted on Truth Social accusing major oil companies of 'gouging' and saying he instructed the DOJ to look into pump prices, a claim not independently confirmed in the coverage.
- The Strait of Hormuz channels about 20% of global oil and LNG, which helps explain why the Iran confrontation moved U.S. pump prices and why ongoing price gaps are drawing political, media and potential law‑enforcement scrutiny.