President Donald Trump said on Saturday that U.S. oil and gas companies are earning massive profits as fuel prices rise following the conflict with Iran, remarks that underscore how rising energy costs are weighing on American households in the run-up to the Nov. 3 midterm elections.
Speaking at a political rally in Georgia, Trump said higher crude prices and disruptions around the Strait of Hormuz have driven buyers toward American producers. He linked the windfall to U.S. producers with operations in Texas, Oklahoma and Louisiana, and repeated that the gains are temporary but substantial.
What the numbers show
Business Insider cited an Oil & Gas Journal report for the second quarter that tracked 38 U.S. producers and refiners. The sample collectively grew revenues by about $140 billion year over year, the report said. Those corporate gains have not translated into lower prices at the pump for many Americans.
AAA data reported by Business Insider put the national average price for a gallon of regular gasoline at $4.29. The outlet said that one day before the U.S. and Israel launched surprise attacks on Iran this year, regular gas averaged $2.98 per gallon. Diesel, which is critical for shipping and is often passed through to consumer prices in the form of higher goods costs, stood at $6.35, up from $3.75 the day before the conflict began, according to AAA figures cited in the report.
Policy and politics
Trump’s comments come as energy prices and household affordability are central themes in political debates ahead of the midterm elections on Nov. 3. Business Insider noted that the White House did not immediately respond to a request for comment on the president’s remarks.
The report also recalled that on Oct. 9 the president said he had reached an agreement with Russian President Vladimir Putin to import Russian diesel — a move Trump argued could help lower U.S. diesel supply pressures despite sanctions on Russian fuel stemming from the war in Ukraine.
- President Trump highlighted large corporate gains for U.S. oil and gas companies tied to Strait of Hormuz disruptions.
- Oil & Gas Journal reported about $140 billion revenue growth year over year for a sample of 38 U.S. producers and refiners in Q2.
- AAA averages cited: regular gasoline $4.29 per gallon; diesel $6.35 per gallon.
Analysts and consumer advocates have said higher diesel and gasoline costs tend to ripple through the economy, raising prices for goods and services that rely on trucking and shipping. Business Insider’s article framed Trump’s remarks as politically consequential given rising household costs and the proximity of the midterm vote.
Business Insider published the report on Oct. 25, 2026, at 2:04 p.m. Eastern.
