Key facts
- US oil companies are making hundreds of billions of dollars, Trump said.
- 38 US producers and refiners grew revenues by $140 billion year over year.
- Average US gas price is $4.29 a gallon, up from $2.98 before the Iran conflict.
- Diesel prices rose to $6.35 from $3.75 before the conflict.
President Donald Trump stated that high gasoline prices are a temporary issue, while acknowledging that American oil companies are experiencing significant profits. Speaking at a rally in Georgia on Saturday, Trump attributed the elevated oil prices to disruptions in the Strait of Hormuz, which he said has redirected buyers to U.S. companies. He noted that the U.S. oil and gas sector is generating hundreds of billions of dollars. The Oil & Gas Journal reported that a sample of 38 U.S. producers and refiners collectively grew revenues by approximately $140 billion year over year due to surging crude prices. However, the increased costs are impacting consumers, with the average price of regular gas reaching $4.29 a gallon, up from $2.98 before the conflict in Iran. Diesel prices also saw a substantial increase, rising to $6.35 from $3.75. Trump also mentioned reaching a deal with Russian President Vladimir Putin to import Russian diesel.