AI Image
Trump on High Gas Prices: 'We're Making a Freaking Fortune"
Business Insider • • nation
Key Points:
- President Donald Trump stated that while Americans face high gas prices, US oil companies are profiting significantly due to increased demand amid Strait of Hormuz disruptions.
- A Q2 report from the Oil & Gas Journal highlighted that 38 US oil producers and refiners saw collective revenue growth of about $140 billion year over year, driven by surging crude prices.
- Gas prices in the US have risen from $2.98 per gallon in February to $4.29 currently, with diesel prices also nearly doubling, contributing to broader affordability challenges for consumers.
- Ahead of the midterm elections, Trump announced a deal to import Russian diesel to help lower prices, a move criticized by analysts for potentially aiding Russia's economy amid its war in Ukraine.
- Trump acknowledged that his remarks about oil company profits during a time of public hardship might generate negative headlines but defended his comments at a Georgia rally.
