Trump Defends High Gas Prices, Claims US is 'Making a Fortune' from Iran War

Former President Donald Trump defended soaring gas prices by asserting that the United States is "making an absolute fortune" due to the conflict in the Middle East, even as the national average price for gasoline reached $4.27 per gallon.

Speaking at a rally in Lubbock, Texas, Trump stated that profits from oil production are at an all-time high, attributing this to events that began approximately seven months prior, coinciding with the start of the war.

"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, addressing critics who questioned his remarks about the country profiting while consumers face higher costs at the pump.

He assured attendees that prices would decrease rapidly, adding, "Our country is making a fortune, more than it's ever made." Trump cited Texas and Louisiana as key production areas benefiting from the situation.

Trump also highlighted a recent agreement to process Venezuelan crude oil in Texas refineries, calling it "the greatest oil victory in history." He noted that a shipment of 500,000 barrels of Venezuelan oil had arrived, stating it was provided at no cost to the American taxpayer.

However, despite these claims, regular gasoline prices have risen significantly since the beginning of the year, when the national average was $2.81 per gallon. The highest average price reached $5.02 in June 2022. Data indicates that the average gas price during Trump's previous term was slightly higher than under President Joe Biden.

The ongoing Iran war, which Trump initially predicted would be short-lived, has contributed to global economic instability and increased living costs for Americans. An AP-NORC poll indicated that voters across party lines want Congress to prioritize lowering everyday costs and ending the conflict.

The war and its impact on gas prices have created challenges for Republican candidates. Texas Attorney General Ken Paxton was reportedly heard criticizing the war and gas prices in leaked audio from a private event, according to Axios.

Trump's administration also explored a deal with Russia to address diesel costs, allowing temporary licenses for Russian diesel imports. This move drew criticism from some Republicans, including Senate candidate Ashley Hinson, who expressed concerns and suggested increased domestic refining capacity, a temporary gas tax pause, and a diesel rebate program for farmers and truckers as potential solutions.

Diesel prices currently stand at $6.35 per gallon, down from a record high of $6.52 in late September.