Trump demands gas stations lower pump prices immediately and renews push for $2.50 gasoline

President Donald Trump on Monday urged gas station owners nationwide to lower prices, warning retailers they could face consequences if they fail to act.

The president's comments came as gasoline prices remain elevated following recent volatility in global oil markets, with Trump arguing retailers should be passing lower crude oil costs on to consumers.

He also renewed his criticism of California's gasoline tax policies.

"Gasoline Retailers must get their Prices down, IMMEDIATELY!" Trump declared on Truth Social. "They’re too high considering that Oil is now at $68 a Barrel, and heading south.

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"The Retailers must quickly react to this statement, and do what they know is right — DROP YOUR PRICE FOR OUR GREAT AMERICAN PEOPLE!" he continued. "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, and California should stop charging such heavy Taxes on their Gasoline," Trump added. "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."

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Trump's demand comes nearly a week after he ordered the U.S. Department of Justice to investigate alleged fuel price gouging by energy companies.

"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,'" Trump asserted in a Truth Social post at the time. "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!"

Americans saw fuel prices rise during the recent conflict between Israel and Iran, though prices have eased in recent days as tensions subsided.

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The AAA national average for regular gas was $3.860 per gallon as of June 29, down from $4.391 a month earlier but still higher than the year-ago average of $3.187.

West Texas Intermediate crude oil futures traded around $70.24 per barrel Monday evening after climbing during the Israel-Iran conflict before retreating in recent days.

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Trump signed a Memorandum of Understanding related to Iran on June 17.

FOX Business' Alex Nitzberg contributed to this report.