Trump on high gas prices: 'We're making a freaking fortune'
President Trump claims that US oil companies are profiting significantly from the ongoing conflict in Iran, despite rising gas prices for American consumers. The article notes that while energy producers have seen massive revenue growth, the public faces an affordability crisis at the pump.
Why it matters
It illustrates the disconnect between corporate energy profits and the economic burden placed on citizens during geopolitical conflicts.
President Donald Trump said on Saturday that American oil companies were making a fortune on the Iran war. Andrew Harnik/Getty Images Trump said on Saturday that American oil companies are making a "fortune" on the Iran war. Americans, however, are paying record prices at the pump, according to AAA. Trump made the comments less than two weeks from the midterm elections. Though regular Americans are paying more at the pump , US oil companies are striking it rich, President Donald Trump said on Saturday. Speaking at a rally in Georgia, Trump said that oil prices are "temporarily high," but added that the throttling of the Strait of Hormuz has pushed oil buyers to American companies with operations in Texas, Oklahoma, and Louisiana. "The United States oil and gas business is making hundreds of billions of dollars," Trump said.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in