Trump Brags Oil Industry Is 'Making a Fortune' as Gas Hits $4.29 Amid Iran War

Key points

• Trump stated at a rally in Perry, Georgia, that US oil and gas businesses are making 'hundreds of billions of dollars' and a 'freaking fortune' due to the Iran war.
• The average price of regular gasoline in the US is currently $4.29 per gallon, a significant increase from $2.98 in February 2026 before the conflict with Iran began.
• Diesel prices have surged to $6.35 per gallon, up from $3.75 pre-war, impacting shipping and consumer goods costs.
• Trump claimed oil prices are 'temporarily high' and predicted they would plummet soon, despite the war entering its eighth month.
• The administration announced a deal with Russia to import diesel, with the first shipment of approximately 300,000 barrels expected to arrive in New York by November 7.
• The G7 announced a coordinated release of 100 million barrels of oil and fuel products over four months to mitigate price spikes.

Background

Fuel prices have remained elevated since the US and Israel launched attacks on Iran in February 2026. Recent archive data shows gasoline prices hit seasonal record highs in mid-October, averaging $4.33 per gallon, contributing to a 3.7% annual inflation rate. Wholesale inflation also reached a four-year high in September, driven by a 20% surge in gas prices. These economic pressures have become a central issue for voters ahead of the November 3 midterm elections, with prediction markets assigning an 87% chance that gas prices remain above $4 per gallon on Election Day.

How outlets are covering it

Business Insider highlights Trump’s dismissive attitude toward consumer suffering, noting his comments are unlikely to improve his standing with an electorate facing an affordability crisis. The Hill reports that Democratic strategist David Axelrod and California Governor Gavin Newsom criticized Trump for prioritizing oil company profits over public concerns, calling his remarks an unfortunate closing message. WINK News focuses on the practical impacts of high diesel prices on local businesses in Southwest Florida and the logistical details of the Russian diesel shipment, noting that energy experts doubt the initial 300,000-barrel delivery will significantly lower national prices given the US consumes roughly 4 million barrels of diesel daily. While Trump claims more oil is moving through the Strait of Hormuz due to US Navy blockades, analysts remain uncertain about the long-term effectiveness of reserve releases and import deals in stabilizing prices.

Why it matters

The disconnect between corporate windfalls and consumer costs is a critical political issue ahead of the midterms. With gas prices up 34% year-over-year and inflation at 3.7%, the administration’s strategy of importing sanctioned Russian diesel and releasing strategic reserves faces scrutiny. If prices do not drop as predicted, the economic strain could influence voter turnout and outcomes in competitive races, particularly in agricultural and heating-heavy states.

What to watch

The first Russian diesel shipment is expected to arrive in New York by November 7. The G7 plans to accelerate diesel releases in the first 20 days of the four-month reserve release period. Trump has promised that oil prices will 'plummet' soon, but energy experts warn that relief depends on global supply conditions and the ongoing disruptions in the Middle East. The midterm elections are scheduled for November 3, making the next two weeks critical for the administration’s economic narrative.