The White House has announced a new gas station has opened and is selling gasoline below market prices.
In a social media post, it announced that the "FIRST Freedom Fuel Network gas station has LANDED in Philadelphia, lowering the price at the pump to $3.47 for our 47th President."
"President Trump is leading the charge to lower gas prices this summer - putting more money in your pocket," the publication added.
A White House spokesperson told CBS News this week that the company behind the network of gas stations is private and owns 25 of them across New Jersey and Pennsylvania.
The spokesperson added that the Trump administration is not subsidizing the stations and the lower prices are a result of lower profit margins for the company. On Wednesday, the national average cost for a gallon of regular gas was $3.80, according to AAA. Prices reached more than $4.50 in mid-May.
President Donald Trump recently accused major companies of "gauging" U.S. consumers by not lowering gas prices quickly enough even though the cost of oil has decreased over the weeks following the ceasefire agreement between Washington and Tehran.
A top official from a U.S. company rejected the notion, but such a scenario has just taken place in South Korea. CNBC noted that prosecutors indicted four major oil refiners for violating fair trade laws, claiming they colluded among themselves to increase domestic fuel prices.
The companies in question are HD Hyundai Oilbank, SK Energy, GS Caltex, and S-Oil. The former two have been accused of colluding on sales worth more than $9 billion. The other two mimicked the prices, so the total impact is almost twice as high, local news agency Yonhap said.
Prosecutors said that the price increases took place after the war between the U.S. and Iran began, However, they noted that this was not an isolated situation but a systemic practice that had a new episode during the war.
Donald Trump has also accused U.S. retailers of engaging in similar behavior. Last week, he warned retailers to lower prices at the pump, saying there will be "big problems" if they don't.
Prices have climbed over the past days as the countries renewed hostilities. Trump said he doesn't "know" whether they are set to go back to a full-scale war, but claimed Tehran "badly" wants to deescalate.
Speaking to press aboard Air Force one while returning to the U.S., he said that should such a scenario take place, the U.S. would "win it very quickly."
