Donald Trump Boasts of Oil Profits Amid Rising Gas Prices
President Donald Trump stated the U.S. oil industry is making a fortune due to Middle East conflicts, despite rising fuel costs for American consumers.
Donald Trump stated at a rally in Georgia on October 24 that the United States oil and gas industry is making a "freaking fortune" because of high oil prices. He attributed these windfalls to the throttling of the Strait of Hormuz, which he claimed pushed global buyers toward American operations in Texas, Oklahoma, and Louisiana.
Trump acknowledged that advisers warned him against highlighting these profits while Americans face an affordability crisis, but he declared he did not "give a damn" and intended to speak about the earnings. Gas prices have risen significantly since the U.S. and Israel launched attacks on Iran in February. AAA reported the average price of regular gas reached $4.29 per gallon on October 25, compared to $2.98 before the conflict began.
To mitigate these costs, Trump announced a deal with Russian President Vladimir Putin on October 9 to import Russian diesel. Despite this move, the president's remarks have sparked backlash from political opponents and voters. A New York Times/Siena poll indicates 73 percent of likely voters disapprove of Trump's handling of gas prices ahead of the midterm elections.
