Trump Defies Advisers to Brag About Oil Profits Amid Gas Price Surge

Key points

• Trump admitted his advisers urged him not to mention high oil profits, but he proceeded to state the U.S. is making 'hundreds of billions' and 'a freaking fortune.'
• The remarks were made at a campaign rally in Perry, Georgia, supporting Republican candidates Mike Collins and Rick Jackson, just weeks before the midterm elections.
• Consumer sentiment has hit record lows, with September inflation rising to 3.7% year-over-year, exceeding the 3.6% expected by economists.
• The average price of regular gas in the U.S. reached $4.29 per gallon, up from $2.98 in February, while diesel prices jumped to $6.35 per gallon.
• Brent Crude oil prices hit a nearly six-month high of approximately $116 per barrel on Friday, driven by disruptions in the Strait of Hormuz.

Background

This incident follows a period of escalating energy costs linked to the Iran conflict, which began in February 2026. In September, Georgia Governor Brian Kemp declared a state of emergency and suspended the state’s motor fuel excise tax to mitigate the impact of rising prices. Trump has previously campaigned in swing states like Alaska and Arizona, emphasizing energy deals and pardons to address voter concerns over affordability, despite facing criticism for broken promises regarding gas prices.

How outlets are covering it

The Daily Beast and The Hill framed the event as a significant political misstep, emphasizing Trump’s disregard for the affordability crisis and the backlash from figures like Gavin Newsom and David Axelrod. Business Insider provided a more detailed economic context, noting that while U.S. oil companies saw a $140 billion revenue increase, consumers faced sharply higher costs for gas and diesel. Yahoo News highlighted the timing of the remarks, noting that oil prices had just hit a six-month high, and pointed out that Trump had made similar claims at an earlier rally in Arizona. All sources agreed that the comments were likely to damage the administration’s standing with voters concerned about the cost of living.

Why it matters

The incident underscores the tension between the administration’s pro-business energy stance and the public’s struggle with inflation. With midterm elections approaching, Trump’s willingness to prioritize corporate profits over consumer relief could influence voter turnout and party support, particularly in swing states where energy costs are a primary concern.

What to watch

Analysts expect fuel prices to remain elevated if the Strait of Hormuz disruptions continue, potentially impacting consumer spending and political sentiment in the weeks leading up to the November elections. The White House has not yet responded to the backlash, but the administration may face increased pressure to address affordability concerns as the midterm campaign intensifies.