Trump says rising oil prices are boosting U.S. profits despite higher pump costs
Donald Trump claimed that the United States is earning billions from higher oil prices linked to Middle-East tensions, even as American drivers face higher fuel costs.
At a campaign event in Georgia, Donald Trump told the audience that the United States is profiting heavily from the recent rise in oil prices tied to conflict in the Middle East, with billions of dollars flowing to domestic oil and gas producers in Texas, Oklahoma and Louisiana. He noted that his staff cautioned him against emphasizing these profits, given that American motorists are seeing higher gasoline prices. Trump predicted that fuel costs will decline in the future and mocked potential media criticism, saying he does not care and that the country is making a fortune.
Data from the American Automobile Association shows the average price of regular gasoline has risen sharply, remaining well above a year-earlier level. Critics, including California Governor Gavin Newsom and Senator Elizabeth Warren, have attacked the remarks as out of touch with consumers’ financial strain.
Why it matters
The comments highlight a political clash over energy policy and consumer costs amid rising fuel prices.
How this story developed
- Sep 9 Trump’s Iran conflict fuels energy price surge, jeopardizing GOP midterm prospects
- Oct 16 Trump announced a Russian diesel import agreement.
- Oct 17 President Donald Trump signed an executive order postponing new U.S. sanctions on Russia, arguing a national-security waiver is needed.
- Oct 17 Spain extended its 20‑cent‑per‑litre fuel subsidy beyond the planned November 1 expiry.
- Oct 17 The House Foreign Affairs Committee posted legislation to block financing for Russian oil projects and tighten sanctions.
- Oct 17 Ukrainian President Volodymyr Zelensky denounced encouragement to continue attacks, U.S. Senator Richard Blumenthal accused Trump of “flattering Vladimir Putin”, and Russian envoy Kirill Dmitriev praised the decision.
- Oct 17 The executive order states the waiver will remain in effect until the president or senior officials determine further action.
- Oct 18 Secretary of State Marco Rubio said the administration will study the impact of the suspension on the global economy.
- Oct 21 September UK CPI data showing a 3.5% annual rise has been released.
- Oct 21 Trump announced a $5,000 payment to each adult contingent on Republican control of Congress.
- Oct 24 Obama is slated to campaign with Democratic Senate nominee Abdul El-Sayed on Saturday, a move that follows his recent endorsement and a campaign ad urging support. Republicans are highlighting concerns that El-Sayed struggles to win over Black voters, a demographic crucial in the swing state. The rally, also featuring gubernatorial nominee Jocelyn Benson, aims to boost early voting and unite the party’s base.
- Oct 24 A live Q&A on the economy is scheduled for Thursday at noon ET.
- Oct 24 Obama’s itinerary now includes a rally in Detroit with El‑Sayed.
- Oct 25 Obama joined Ohio gubernatorial candidate Amy Acton and Senate candidate Sherrod Brown at a Cleveland rally.
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