Trump Links High Gas Prices to 'Fortune' from Iran War, Vows Prices Will Fall
The former president claimed the U.S. is profiting from the conflict while addressing campaign rallies and acknowledging public anger over fuel costs.
Former President Donald Trump defended soaring gas prices by asserting that the United States is "making an absolute fortune" due to the ongoing war with Iran, while simultaneously promising that fuel costs would soon decrease. The national average price for regular gasoline stands at $4.27 per gallon, with diesel at $6.35, according to AAA data.
Speaking at a rally in Lubbock, Texas, Trump stated that oil production profits are at an all-time high, directly linking the surge to the conflict that began approximately seven months prior. "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.
He acknowledged that some might find his comments insensitive given the high prices consumers are paying at the pump, but he reassured the audience, "Paying more at the pump is gonna come down really fast." Trump emphasized that the nation is experiencing unprecedented financial gains, stating, "Our country is making a fortune, more than it's ever made." He pointed to Texas and Louisiana as key sources of oil, reiterating the immense profits being generated.
Trump also highlighted an earlier military operation in Venezuela, referencing a deal to process the country's crude oil in Texas refineries. During a rally in Corpus Christi, he pointed to an oil tanker carrying Venezuelan oil, calling it a "victory" and noting that the "oil on the ships outside is being provided to the United States at zero cost to the American taxpayer."
Despite these assertions, gas prices remain significantly elevated, with diesel costing over $6 per gallon in some areas. Regular gasoline was priced at $2.81 per gallon in January. The highest national average for gas reached $5.02 in June 2022 under President Joe Biden. However, data analyzed by CNN indicates that the average price per gallon has been slightly higher during Trump's second term ($3.473) compared to Biden's ($3.471).
The sustained high energy costs, exacerbated by the conflict with Iran, are reportedly impacting Republican candidates ahead of the November elections. An AP-NORC poll indicated that voters across party lines want Congress to prioritize reducing everyday costs and ending the war. Some Republican figures, like Texas Attorney General Ken Paxton, have privately expressed concerns that the war and gas prices are hindering their campaigns.
In response to rising diesel costs, particularly for farmers and truckers, Iowa Republican Senate candidate Ashley Hinson has proposed several solutions. These include investing in U.S. refining capacity, exploring a temporary pause on the gas tax, and considering a diesel rebate program for those who rely heavily on the fuel for their work. Hinson expressed a desire to "reinvigorate America's energy independence."