Key facts
- US oil companies are making hundreds of billions of dollars due to high gas prices, President Donald Trump said.
- Trump attributed high oil prices to disruptions in the Strait of Hormuz.
- A sample of 38 US producers and refiners collectively grew revenues by about $140 billion year over year, according to the Oil & Gas Journal.
- The average price of regular gas in the US is $4.29 a gallon, up from $2.98 before the US and Israel launched attacks on Iran.
- Diesel prices rose to $6.35 from $3.75 before the conflict began.
President Donald Trump stated on Saturday that US oil companies are profiting immensely from the current geopolitical situation, specifically mentioning the Iran war and disruptions to the Strait of Hormuz. Speaking at a rally in Georgia, Trump acknowledged that while Americans are facing higher prices at the pump, US oil and gas businesses are generating substantial revenue. He cited a report from the Oil & Gas Journal indicating significant revenue growth for North American companies due to surging crude prices. AAA data shows a notable increase in average gas and diesel prices since the conflict began.