Trump defends skyrocketing oil prices by claiming US is ‘making an absolute fortune’ from war with Iran as gas hits $4.27 a gallon

Donald Trump defended high gas prices by claiming America is ‘making an absolute fortune’ from the Iran War while still promising they would go down soon.  

The national average price of gas is currently at $4.27 per gallon, per American Automobile Association (AAA). Diesel sits at $6.35, down from a record high of $6.52 at the end of September.

Speaking at a rally in Lubbock, Texas on Tuesday night, Trump said the profits from oil production are at an all-time high.

‘Because of the Middle East, you know that when you say the last seven months, you’ve produced more oil, more everything, you’ve made more money than you’ve ever made. You know what took place seven months ago? The war,’ Trump said.

Trump then chided critics who suggested he was being crass for suggesting the country was making money when ‘people have to pay more at the pump.’

‘Paying more at the pump is gonna come down really fast, okay?’

The President continued: ‘Here’s what’s important, it’s really good. Our country is making a fortune, more than it’s ever made.’

He cited the Middle East getting its oil from places like Texas and Louisiana and reiterated that ‘we’re making a fortune.’

‘Texas has never, ever done numbers like this. You know why? Because seven months ago, we started…’ Trump said, without adding the beginning of the war. 

However, Trump did promise that he is listening on gas prices, saying ‘the ones we care about are the people at the pump.’

‘Those numbers are going to start coming down really, really rapidly,’ he assured. 

As Trump’s war in Iran spikes gas prices and adds pressure on Republican candidates across the US, he sought to highlight an earlier military operation in Venezuela.  

Secretary of State Marco Rubio briefly appeared onstage with Trump, who used the trip in part to highlight the arrangement made with Venezuela to process more of its crude oil in Texas refineries.

‘We´re celebrating the greatest oil victory in history,’ Trump said in Corpus Christi.

Trump attended the first rally of the day in the port city of Corpus Christi, where the oil tanker Angerona was docked outside. 

‘We have a little breaking news,’ he told the audience. ‘See that little ship out there? That’s got 1 million barrels of oil on it from Venezuela. And we’re celebrating the greatest oil victory in history. To the victor belong the spoils, right?’

In January, Trump ordered US forces to capture Venezuelan President Nicolás Maduro, putting his No. 2, Delcy Rodríguez, in charge. In August, he announced an agreement granting the US a fifth of Venezuela’s oil. And on Tuesday, the first shipment had arrived. 

‘But the oil on the ships outside is being provided to the United States at zero cost to the American taxpayer. That’s not bad,’ he added.

However, prices remain well over $4 a gallon and in some cases over $6 a gallon for Diesel.  

Regular gasoline sat at $2.81 a gallon in January. The highest average US gas price reached $5.02 in June 2022 under former President Joe Biden. 

However, the national average price in Trump’s second term has been $3.473 per gallon compared with $3.471 under Biden per a CNN analysis of AAA data, making the average higher under Trump.

Those skyrocketing costs, which rose as a result of President Trump’s war with Iran that he often calls a ‘little detour,’ are sinking Republicans on the campaign trail. 

Americans are angry at soaring energy prices and frustrated over the nearly eight-month Iran war, which Trump initially said would be over within weeks. At a rally in Michigan on Sunday, Trump dismissed the concerns on higher gas prices, calling them a ‘small price to pay.’

However, the drawn-out conflict has instead rocked the global economy and piled fresh pressure on Americans already struggling with the cost of living.

An AP-NORC poll released last week found voters in both parties want the next Congress to focus on bringing down everyday costs and ending the war which has presented another headache for GOP candidates ahead of the November 3 elections. 

Paxton was caught trashing the war in audio leaked by Axios from a private event last month. 

At the event, Paxton was asked by an attendee what he sees as ‘dragging’ his campaign, to which he responded: ‘It’s not tariffs…. It’s the war, it’s gas prices, it’s diesel,’ according to the audio from September 24th.

The Lone Star State Republican made the admission to a room of lobbyists at a private fundraising lunch in Washington, DC.

Although Trump tried to address diesel costs by making a deal with Russian president Vladimir Putin that centered on the administration issuing temporary licenses allowing Russian diesel imports into the US for six months, he faced criticism from Republicans.

In Iowa, where fall means harvest season as much as it does election season, Republican Senate candidate Ashley Hinson told the Daily Mail earlier in October that the diesel deal made her ‘nervous.’ 

Beyond a deal with Russia, Hinson floated several other fixes. She called for ‘investing in our refining capacity here in the United States that has gone by the wayside,’ and said the administration was taking steps to ‘reinvigorate American independence again.’ 

She also urged lawmakers to explore ‘a temporary pause in the gas tax’ and ‘potentially a diesel rebate program’ for farmers and truckers who rely on the fuel for work.

Hinson continued at the time that she has ‘seen this administration taking steps to make sure we reinvigorate America’s energy independence again,’ before adding that further proposals such as ‘a temporary pause in the gas tax,’ as well as ‘potentially a diesel rebate program for people who are, for instance, farmers or truckers using diesel for their jobs and their work,’ should be explored.