President Donald Trump demanded on Monday that gasoline retailers immediately lower pump prices, warning of "big problems" if they do not, as he pressed companies to move faster after crude oil prices fell from wartime highs.

Trump Demands Immediate Gas Price Cuts

"Gasoline Retailers must get their Prices down, IMMEDIATELY," Trump wrote in a Truth Social post.

"There will be no gauging, which is totally illegal. If Retailers don't do this, big problems lie ahead! Start targeting around the $2.50 a Gallon number," he added.

Trump also used the post to attack California's fuel costs. "California should stop charging such heavy Taxes on their Gasoline," he wrote. "Soon the Tax will be higher than the Product itself, and the United States will not stand for it, nor will the People of California, who are being abused by these ridiculous Taxes, and by their own Government."

The message came days after Trump said he had instructed the Department of Justice to investigate oil companies for failing to lower gasoline prices in line with falling crude costs, accusing them of "gouging" consumers.

Investor and entrepreneur Anthony Pompliano, reacting to Trump's post, noted a parallel between former President Joe Biden's public criticism of retail grocery margins and President Trump's recent warnings to gas retailers over sluggish price drops at the pump. "The more things change, the more they stay the same," wrote Pompliano.

California Prices Remain Far Above Average

Oil prices spiked earlier this year after the U.S. and Israel launched strikes on Iran in late February and Tehran retaliated with attacks on Israel and Gulf states hosting U.S. bases. Recent diplomacy between Washington and Tehran has offered some relief at the pump.

As of Monday, AAA listed the national average for regular gasoline at $3.86 a gallon, down from about $4.50 in recent months. California averaged roughly $5.45 a gallon, a $1.59 premium over the national average. The state has the highest gasoline-related costs in the country, with excise taxes, cap-and-trade costs, low-carbon fuel rules and local sales taxes adding roughly $1.20 to $1.47 per gallon.

At the time of publication, WTI crude futures were down about 0.57% near $70.36 a barrel. Brent crude futures fell about 0.4% to $73.61.

Oil Funds Fall As Diplomacy Looms

The United States Brent Oil Fund LP (BNO), which tracks Brent futures, has fallen 19.25% over the past month but remains up 44.60% year to date. BNO closed up 1.34% Monday.

The United States Oil Fund LP (USO), which tracks WTI futures, was down 17.05% for the month and up 55.28% year to date. It ended up 1.52% Monday.

Meanwhile, Iran said Monday that no negotiation meetings with the U.S. are scheduled at any level in the coming days. Trump, however, said the U.S. will meet with Iran in Qatar on Tuesday, and two U.S. officials said envoy Steve Witkoff is en route to Doha.