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President Trump warns oil executives and retailers to reduce gasoline prices to prevent price gouging.

President Trump issued a warning to oil executives and retailers to lower gasoline prices immediately to prevent price gouging. During a meeting in the Oval Office, President Trump stated that he had already urged retailers to reduce retail prices earlier in the week.

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The national average price for a gallon of regular gas is currently $4.12, which is nearly a dollar higher than the price one year ago. This price increase has been ongoing since the start of the war with Iran. The conflict led to the closure of the Strait of Hormuz, a key waterway for oil transit. Although a memorandum of understanding was signed to reopen the strait, tensions remain high. President Trump recently declared the ceasefire with Iran to be over. Following this announcement, the cost of a barrel of oil rose, with Brent crude oil increasing by 5.6% to over $78 a barrel. President Trump also criticized California for its high gas prices, which average $5.43 per gallon, and urged the state to reduce its gasoline taxes.

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