Trump says US oil earnings will offset high fuel costs amid Iran war
Donald Trump defended high US fuel prices by saying the country was making record money from oil production amid the war with Iran, while promising prices at the pump would fall rapidly. His remarks come as rising energy costs and public frustration over the conflict are putting pressure on Republican candidates.
The national average price of petrol was $4.27 a gallon and diesel was $6.35, compared with petrol at $2.81 in January. Trump also highlighted the first shipment of Venezuelan oil to arrive under an agreement with the US, saying it was being supplied at no cost to American taxpayers. A CNN analysis of AAA data put average petrol prices during his second term at $3.473 a gallon, slightly above the $3.471 average under Joe Biden.
In short
- Trump says US oil profits are soaring despite high fuel prices.
- Petrol averages $4.27 a gallon; diesel is $6.35.
- He promises prices will fall and points to Venezuelan oil deliveries.
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The case for
Supporters could argue that higher fuel prices are a serious short-term burden, but record domestic oil earnings and new supplies from Venezuela may bring wider economic and strategic benefits that help offset the cost. If production and supply expand, prices could fall as Trump has promised, while revenues support the US economy during the conflict.
The case against
Critics could argue that future oil earnings do not ease the immediate strain on households and businesses paying sharply higher prices now, and the promise of a rapid fall is uncertain. They may also question whether record production or Venezuelan shipments will translate into lower prices at the pump, particularly as the reported average during Trump’s second term is slightly above the figure under Biden.
Explained simply
The United States produces large amounts of oil, but the price drivers pay for petrol and diesel is also affected by global oil markets. Conflict involving Iran can disrupt supplies or raise concerns about future shortages, pushing fuel costs higher.
Donald Trump is the US president, and Joe Biden was president before him. US oil companies produce and sell oil, while the government can make agreements with other countries, including Venezuela, over oil supplies.
Higher fuel costs affect household budgets and businesses that rely on transport. They can also become a political issue, as voters judge the government’s handling of the economy and foreign conflicts.
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Originally published by Daily Mail as “Trump defends skyrocketing gas prices by claiming US is ‘making an absolute fortune’ from war with Iran”.