Trump: Oil Companies Making a 'Freaking Fortune' While Americans Pay Record Gas Prices

President Donald Trump said Saturday that American oil companies are making a "fortune" from the Iran war, even as Americans face record prices at the gas pump. Speaking at a rally in Georgia, Trump said oil prices are "temporarily high." He noted that disruptions to the Strait of Hormuz — a key waterway for global oil shipments — have pushed buyers toward American companies operating in Texas, Oklahoma, and Louisiana. "The United States oil and gas business is making hundreds of billions of dollars," Trump said. "I don't give a damn, I'm going to say it — we're making a freaking fortune." The numbers support his claim. A second-quarter report from the Oil & Gas Journal, a trade publication, found that surging crude prices tied to Strait of Hormuz disruptions drove massive profits for North American oil companies. A sample of 38 US producers and refiners grew revenues by about $140 billion year over year. American consumers, however, are not sharing in those gains. AAA reported that the average price of regular gas in the US is now $4.29 a gallon. In February, one day before the US and Israel launched surprise attacks on Iran, gas prices were $2.98. Diesel prices have also risen sharply. On Sunday, AAA reported diesel at $6.35 a gallon, up from $3.75 before the conflict began. Shipping companies depend on diesel to power boats and trucks, and higher diesel costs often reach consumers through higher prices for goods. Trump's comments come less than two weeks before midterm elections, as voters grapple with an affordability crisis. The White House did not immediately respond to a request for comment sent on Sunday. Trump has taken steps to lower gas prices ahead of the midterms. On October 9, he said he reached a deal with Russian President Vladimir Putin to import Russian diesel, which had been heavily sanctioned since Russia's invasion of Ukraine. Analysts warned the move could help the Russian economy as the country continues its war in Ukraine. At the Georgia rally, Trump predicted how the media would cover his remarks: "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. That'll be the headline."