Trump Says U.S. Oil Companies Profiting Amid Record Gas Prices
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President Donald Trump claimed American oil firms are earning billions while consumers face rising gasoline and diesel costs, as the White House declined to comment.
President Donald Trump told a rally in Georgia that oil prices are only "temporarily high" and that disruptions in the Strait of Hormuz have redirected buyers to U.S. producers in Texas, Oklahoma and Louisiana. He added, "The United States oil and gas business is making hundreds of billions of dollars. I don't give a damn, I'm going to say it — we're making a freaking fortune."
A recent report from the Oil & Gas Journal said that higher crude prices linked to the Strait of Hormuz situation generated a $140 billion revenue increase for a sample of 38 U.S. producers and refiners in the second quarter.
Meanwhile, the American Automobile Association reported that the national average price for regular gasoline has risen to $4.29 per gallon, up from $2.98 in February. Diesel prices have also climbed, reaching $6.35 per gallon, compared with $3.75 before the conflict with Iran began.
The White House did not immediately respond to a request for comment. As the midterm elections approach, Trump noted a recent agreement with Russian President Vladimir Putin to import Russian diesel, a move analysts say could aid Russia's war effort. He warned, "I can see just the fake headlines — 'President Trump is talking about all the money they're making while people are suffering at the pump.'"