The downward pressure on the sector comes as President Trump publicly challenged the industry’s pricing practices. He confirmed that he has ordered the Justice Department to investigate major oil producers, alleging that companies are engaging in price gouging by failing to pass on the benefits of lower crude costs to gasoline consumers at the pump.

Despite the bearish sentiment surrounding energy equities, EG Group is moving forward with expansion plans. The operator of gas station brands, including Cumberland Farms, has filed confidentially for an initial public offering in the United States. The company is reportedly eyeing a valuation of approximately $9 billion, signaling that some market participants remain focused on long-term growth even as current fuel prices face significant volatility.