President Donald Trump says US oil companies are making a “freaking fortune” while Americans face higher gas bills. Speaking at a campaign rally in Georgia, he defended the industry’s windfall even as drivers pay more at the pump.
Trump described oil prices as “temporarily high,” according to Business Insider. He said disruptions to the Strait of Hormuz have pushed oil 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.
A Q2 report from the trade publication Oil & Gas Journal offers some context for Trump’s claim. A sample of 38 US producers and refiners saw their combined revenues grow by about $140 billion year over year. The report attributed the gains to “surging crude prices tied to ongoing Strait of Hormuz disruptions.” The figure reflects revenue growth across that sample, rather than a measure of profits alone.
Oil companies see billions in revenue growth
The Daily Beast reported that Trump also described the industry’s earnings as “hundreds and hundreds of billions, trillions of dollars.” He acknowledged that his advisers had urged him not to discuss the windfall while Americans were paying more for fuel. “My people said, ‘Please don’t mention that, sir,’ because people are paying a little higher,” he said.
Regular gas averaged $4.29 a gallon, compared with $2.98 in February, a day before the US and Israel launched attacks on Iran. Diesel reached $6.35, up from $3.75 before the conflict began. Shipping companies rely on diesel to power trucks and boats, and higher transport costs can feed into prices for consumers.
This is not the first time Trump has weighed in on how drivers are coping with rising fuel costs, previously calling them “peanuts” while advicing Americans to “suck-up” and pay it. The wider economic picture offers little relief. Consumer prices rose 3.7% in September from a year earlier, up from 3.4% in August and above economists’ expectations of 3.6%, according to the Daily Beast. The outlet also reported that consumer sentiment had fallen to record lows.
Trump’s remarks drew swift criticism. California Gov. Gavin Newsom wrote on X, “Congratulations to Big Oil on their very successful, record-profits presidency.” Former Obama adviser David Axelrod responded, “Give [POTUS] credit for leveling with the American people.” New Yorker staff writer Susan Glasser called the comment “the epigraph for the entire Trump 2.0 presidency.”
The White House did not immediately respond to a request for comment on Sunday. Spokesperson Matthew Middleton previously told the Daily Beast that Trump had been clear about “temporary disruptions as a result of the Iran conflict.” He also defended the administration’s economic record, saying it had driven growth, increased wages, and created private-sector jobs.
With the midterm elections less than two weeks away, Trump has also tried to bring fuel prices down. He has acknowledged that gas prices may remain high until after the midterms. Earlier on October 2026, he said he had reached a deal with Russian President Vladimir Putin to import Russian diesel, which has faced heavy sanctions since Russia invaded Ukraine. Analysts warned that the move could provide a boost to Russia’s economy.
At the Georgia rally, Trump appeared to anticipate the backlash. “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,’” he said. “That’ll be the headline.”
Published: Oct 26, 2026 01:15 pm