President Donald Trump has said he does not "give a damn" about potential criticism of his remarks boasting that the United States is making a "fortune" from high oil prices, as American motorists continue to face elevated gasoline costs. Speaking at a rally in Georgia on Saturday, October 24, Trump said advisers had warned him against highlighting the financial gains associated with rising oil prices, suggesting the comments would invite criticism over the cost of fuel for ordinary Americans. In footage of the rally shared online, Trump claimed the US oil and gas industry was making billions of dollars amid the conflict in the Middle East, presenting higher oil prices as a source of financial gains for the country.
"Our country is making hundreds of billions of dollars because of what's happened in the Middle East, because they're coming to Texas and they're coming to Oklahoma and they're coming to Louisiana and they're taking that oil," Trump said. "My people say, please don't mention that, Sir, people are paying a little higher," Trump said, adding that he expected gas prices to fall. "I can just see the fake headlines," Trump said.
"President Trump is talking about all the money they're making while people are suffering at the pump." "But I said, ‘I don't give a damn, I'm gonna say it: We're making a frickin fortune,’" he added. Trump went on to claim that Americans were "paying lower than Biden and Obama and they don't have nuclear weapons," apparently referring to Iran's nuclear capabilities. Under Obama, the U.S. national average gas price peaked at $3.93 per gallon in May 2011, and under Biden, it peaked at $5.06 in June 2022, according to govargus.com.
There has been widespread backlash to Trump's comments online. California Governor Gavin Newsom reposted footage of Trump's remarks at the rally commenting: "Congratulations to Big Oil on their very successful, record-profits presidency." Newsweek contacted the White House via email Sunday for comment. The national average price of regular gasoline stood at approximately $4.29 per gallon on October 25, according to the American Automobile Association (AAA).
That was down from approximately $4.49 a month earlier but significantly higher than the $3.06 average recorded a year ago. The latest figures represent an increase of around $1.23 per gallon over 12 months, equivalent to roughly 40 percent. AAA's reported national averages for other fuel types were approximately $4.80 per gallon for midgrade gasoline, $5.20 for premium and $6.35 for diesel.
Prices vary considerably across the country, with motorists in some states paying substantially more than the national average. The figures also illustrate the distinction between the financial benefits Trump attributes to the energy sector and the costs facing households at the pump. Although gas prices had eased from their September levels, the year-over-year increase meant drivers were still paying considerably more to fill their tanks than they had a year earlier.
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