President Donald Trump asserted on Tuesday that the United States is generating record profits from oil production amid the ongoing conflict with Iran, even as the national average gas price reached $4.27 per gallon according to the American Automobile Association (AAA). Diesel prices currently stand at $6.35 per gallon, down from a peak of $6.52 in late September.
During a rally in Lubbock, Texas, Trump stated that the country’s oil industry has achieved ‘more money than it’s ever made’ since the start of the war with Iran. He emphasized that domestic oil production has surged, benefiting from increased demand from Middle Eastern nations purchasing oil from U.S. producers.
‘Because of the Middle East, you know that when you say the last seven months, you've produced more oil, more everything, you've made more money than you've ever made,’ Trump said. ‘You know what took place seven months ago? The war.’
The president acknowledged public frustration over rising fuel costs but maintained that prices would ‘come down really fast.’ He framed the economic gains as a net positive for the country, despite the immediate financial burden on consumers.
‘Here's what's important, it's really good. Our country is making a fortune, more than it's ever made,’ Trump added. ‘Texas has never, ever done numbers like this.’
Separately, Trump hinted at renewed military action against Iran, stating during the same event: ‘You’ll see Iran in a couple of weeks, if you don’t mind.’ The remarks suggest potential escalation following the midterm elections, though no further details were provided.
The national average gas price of $4.27 per gallon represents a significant increase from prior years, though prices have fluctuated in recent months. AAA data indicates diesel prices have eased slightly from their record high, while gasoline remains elevated compared to pre-conflict levels.
White House officials have not issued an official statement clarifying the president’s remarks on economic gains or the timeline for potential military action. The administration has previously framed energy independence as a key policy achievement, though critics argue that geopolitical tensions have contributed to market instability.