With regular gas averaging $4.29 per gallon nationwide, President Donald Trump used a rally in Georgia to highlight soaring profits for U.S. oil and gas companies.
While drivers contend with high prices at the pump, Trump pointed to producers in states such as Texas, Oklahoma, and Louisiana as major beneficiaries of global supply disruptions.
Here's what to know
According to Business Insider, Trump said Saturday that turmoil in the Strait of Hormuz has pushed oil prices higher by steering buyers toward American producers.
"The United States oil and gas business is making hundreds of billions of dollars," he said.
In its second-quarter report, Oil & Gas Journal likewise tied major gains for North American oil companies to "surging crude prices tied to ongoing Strait of Hormuz disruptions," per Business Insider.
Oil & Gas Journal said 38 U.S. producers and refiners together upped year-over-year revenue by $140 billion.
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On Monday, regular gas averaged $4.29 per gallon nationwide, compared with $2.98 in February.
"I don't give a damn, I'm going to say it: We're making a freaking fortune," Trump said, according to Business Insider.
More background
The national average for diesel reached $6.35, per AAA, up from $3.75, as the publication noted.
Because shipping companies use diesel in trucks and boats, higher fuel costs are often passed along to consumers through pricier deliveries and goods.
The remarks came as voters confront an affordability crunch. The White House did not respond to Business Insider's request for comment Sunday.
Oil and gas use pollutes air and water and is linked to asthma, heart disease, cancer, and premature death. Dependence on these fuels can also leave households exposed to high energy costs, whereas more abundant sources of energy such as sunlight and wind are much cleaner and can lower costs. Industry lobbying has slowed the transition to cleaner, less expensive energy solutions that could better protect public health and reduce costs.
What's being done?
"On Oct. 9, Trump said he reached a deal with Russian President Vladimir Putin to import Russian diesel, which had been heavily sanctioned since the start of Russia's invasion of Ukraine," Business Insider reported. "Analysts warned the move could provide a lifeline to the Russian economy as the country seeks to bombard Ukraine into submission this winter."
Trump acknowledged the tension at the rally.
"I can see just the fake headlines: 'President Trump is talking about all the money they're making while people are suffering at the pump,'" he said, according to Business Insider.
Where can I learn more?
These stories track rising gas and diesel prices and the political fallout around them.
• After Iran strikes, U.S. drivers watched gas jump to $4.27 as Trump promised relief.
• In Massachusetts, drivers paid more while U.S. gas stayed above $4 every day in August.
• In South Texas, a gas surge strained budgets so sharply that drivers weighed fuel against groceries.
• In Florida, AAA warned that after gas topped $4 again, it could keep climbing to $4.19.
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