'We’re making a freaking fortune': Trump shrugs off gas prices by citing huge oil sector profits with less than two weeks before midterms

“Oil prices are temporarily high and will be falling dramatically as soon as that war is over,” he said. In the meantime, U.S. oil companies are majorly cashing in due to the conflict in The Middle East.

Trump said that while the Strait of Hormuz remains closed, buyers are coming to Texas, Oklahoma and Louisiana for oil. He also touted the U.S. oil deal with Venezuela in his speech.

“We’re making more money than this company has ever made before,” he said, adding the U.S. is “making hundreds of billions of dollars.”

Predicting the backlash he might receive for his comments, Trump said, “I can just see the fake headlines. President Trump is talking about all the money they’re making while people are suffering at the pump. I don’t give a damn. We’re making a freaking fortune.”

According to a Oil & Gas Journal Q2 report released in late August, oil producers and refiners are indeed making more money. The 38 U.S. producers and refiners sampled in the report collectively grew revenues by about $140 billion, year-over-year.

The criticism for Trump was almost immediate

The president mentioned that he was advised not to highlight profits oil companies are making as a result of the Iran War — seemingly fearing the impact that could have on major political races next week.

His comments drew attention from some politicians, including California governor Gavin Newsom.

“Congratulations to Big Oil on their very successful, record-profits presidency,” Newsom wrote on X.

Former Transportation Secretary Pete Buttigieg also wrote on X that gas prices are temporarily high “because Republicans are temporarily in power. Vote.”

There was even more where that came from. Political consultant and analyst David Axelrod chimed in saying, “Give @POTUS credit for leveling with the American people. He’s making money like he’s never made before. And he doesn’t give a damn about high gas prices.”

“Not a great closing message, though,” he added.

As of Oct. 26, the average price of regular gas is $4.28, up from $3.05 one year ago, per AAA. Diesel is up more than $2.50 compared to last year, which has directly impacted the price of groceries and other consumer goods Americans pay for that are transported by trucks. Diesel is also used heavily by farmers to operate machinery.

Trump’s popularity is fading with Americans

The president maintains his position that higher gas prices are a small price to pay for Iran not having nuclear weapons in the future. The impact on the U.S. oil industry can also be viewed by some as another positive.