Business · Energy & Commodities · 7 hrs ago
Trump says US oil companies are profiting as fuel prices rise
Trump said US oil companies are making a fortune as the Iran war disrupts oil shipping.
Speaking at a rally in Georgia, he said the Strait of Hormuz disruption had pushed oil buyers toward US companies.
A sample of 38 US producers and refiners saw revenue rise by about $140 billion year over year, according to a trade publication cited in the story.
Meanwhile, average US regular gas costs $4.29 a gallon, up from $2.98 the day before the US and Israel launched attacks on Iran.
Diesel has also climbed, raising costs for shipping companies that may pass them on to consumers.
Higher fuel costs add pressure during an affordability crisis, with US midterm elections less than two weeks away.
Trump has also said he reached a deal to import Russian diesel, but the story does not say when those imports will begin.
President Donald Trump said US oil and gas companies are making large profits as fuel prices rise.
Speaking at a rally in Georgia on Saturday, he said disruptions to the Strait of Hormuz had pushed oil buyers toward US companies.
US regular gasoline averaged $4.29 a gallon, according to AAA, up from $2.98 in February.
AAA reported diesel at $6.35 a gallon on Sunday, compared with $3.75 a day before the conflict began.
Trump said US oil and gas businesses were making hundreds of billions of dollars.
- Who
- President Donald Trump and US oil and gas companies.
- What
- Trump said the companies are making large profits as fuel prices rise.
- When
- Trump made the remarks on Saturday; AAA reported diesel prices on Sunday.
- Where
- At a rally in Georgia; the reported fuel prices are for the United States.
- Why
- Trump said disruptions to the Strait of Hormuz had pushed oil buyers toward US companies.
This story does not have two clearly opposing sides.
US regular gasoline was $2.98 a gallon one day before the US and Israel launched attacks on Iran.
Trump said he had reached a deal with Russian President Vladimir Putin to import Russian diesel.
Trump said at a rally in Georgia that US oil and gas companies were making a fortune.
AAA reported average US diesel prices of $6.35 a gallon.
- US regular gasoline
- $4.29 a gallon, according to AAA
- US regular gasoline in February
- $2.98 a gallon
- US diesel on Sunday
- $6.35 a gallon, according to AAA
- US diesel before the conflict
- $3.75 a gallon
- Sample of US producers and refiners
- 38 companies collectively grew revenues by about $140 billion year over year, according to Oil & Gas Journal
What people are saying
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.
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,'