Trump Faces Backlash After Saying US ‘Making a Fortune’ from High Oil Prices

President Donald Trump drew widespread criticism on Wednesday after asserting at a rally in Arizona that the United States is “making more money than it’s ever made” due to high oil prices linked to the ongoing war involving the US and Israel against Iran. His remarks sparked backlash amid soaring gas prices felt by everyday Americans.

Trump’s Rally Remarks on Oil Profits and Gas Prices

Speaking at a campaign rally in Arizona on October 14, 2026, President Trump said, “Our country is making more money than it’s ever made because of the fact that oil is so high.” He added, “I cared about the little person like crazy,” but then claimed, “we’re making a fortune.” He explained why he rarely discusses this publicly, stating, “But I never talk about it, because I’m not happy until we get the actual price of the oil down.”

Trump also asserted that gas prices were down to $1.85 per gallon, which it hasn’t been nationally since the height of the COVID-19 pandemic, when shutdowns temporarily reduced global oil demand and prices.

Current Oil and Gas Price Realities

Contrary to the president’s claim, the national average price of gasoline currently stands at $4.33 per gallon. Meanwhile, Brent crude, the global benchmark for oil pricing, is trading at $104 per barrel—an increase of roughly 70% this year. This surge is linked to the conflict involving the closure of the Strait of Hormuz and the Iran war.

Despite record profits reported by oil companies in 2026 due to these geopolitical factors, many consumers are not sharing in these gains and continue to face high fuel costs.

Public and Social Media Reaction

Social media quickly became a platform for criticism and mockery following Trump’s remarks. Many users highlighted the disconnect between the president’s statements and the real financial strain experienced by drivers across the country. Critics questioned Trump’s claim of caring about the “little person” while touting profits linked to high oil prices that contribute to increased living costs.

Context of the Iran War and Economic Impact

The ongoing war involving the US and Israel against Iran has disrupted global oil supplies, particularly with the closure of the Strait of Hormuz, a critical shipping route. This disruption has caused wild fluctuations in oil prices throughout 2026. While oil companies have benefited financially, consumers have faced higher prices at the pump, fueling political debate and public dissatisfaction.

President Trump’s comments on October 14 have intensified scrutiny of the administration’s handling of energy and economic issues amid geopolitical tensions. The contrast between corporate profits and consumer pain remains a contentious topic as the nation navigates these challenges.