Donald Trump defended soaring gas prices by arguing that the United States is “making an absolute fortune” from the Iran War, while also insisting that costs at the pump will soon fall.
The national average price for gasoline is currently $4.27 per gallon, according to the American Automobile Association (AAA). Diesel is averaging $6.35 per gallon, down from its record high of $6.52 reached at the end of September.
Speaking at a rally in Lubbock, Texas, on Tuesday night, Trump claimed oil production profits had reached an all-time high.
“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. You know what took place seven months ago? The war,” Trump said.
Trump also rebuked critics who said it was insensitive to celebrate the country’s earnings while Americans were being forced to pay more for fuel.
“Paying more at the pump is gonna come down really fast, okay?”
The president continued: “Here’s what’s important, it’s really good. Our country is making a fortune, more than it’s ever made.”
He pointed to Middle Eastern buyers sourcing oil from states including Texas and Louisiana, again emphasizing that “we’re making a fortune.”
Donald Trump defended high gas prices by claiming America is “making an absolute fortune” from the Iran War, while promising fuel costs would soon decline
A sticker featuring President Donald Trump and the words “I DID THAT!” is displayed beside gasoline and diesel prices at a station in Newtown, Pennsylvania, in September 2026
“Texas has never, ever done numbers like this. You know why? Because seven months ago, we started…” Trump said, without completing the reference to the start of the war.
Trump did, however, acknowledge that gas prices remain a concern, saying that “the ones we care about are the people at the pump.”
“Those numbers are going to start coming down really, really rapidly,” he promised.
With Trump’s war in Iran driving gas prices higher and increasing pressure on Republican candidates across the country, he also sought to draw attention to an earlier US military operation in Venezuela.
Secretary of State Marco Rubio briefly joined Trump onstage. During the visit, Trump highlighted an agreement with Venezuela to process more of its crude oil at refineries in Texas.
“We´re celebrating the greatest oil victory in history,” Trump said in Corpus Christi.
Trump attended his first rally of the day in the port city of Corpus Christi, where the oil tanker Angerona was docked offshore.
“We have a little breaking news,” he told the crowd. “See that little ship out there? That’s got 1 million barrels of oil on it from Venezuela. And we’re celebrating the greatest oil victory in history. To the victor belong the spoils, right?”
Trump points toward an oil tanker he said was carrying 500,000 barrels of Venezuelan oil during a campaign rally at the Port of Corpus Christi
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In January, Trump ordered US forces to capture Venezuelan President Nicolás Maduro, leaving his No. 2, Delcy Rodríguez, in charge. In August, he announced an agreement giving the United States a fifth of Venezuela’s oil. On Tuesday, the first shipment arrived.
‘But the oil on the ships outside is being provided to the United States at zero cost to the American taxpayer. That’s not bad,’ he added.
However, prices remain well over $4 a gallon and in some cases over $6 a gallon for Diesel.
Regular gasoline sat at $2.81 a gallon in January. The highest average US gas price reached $5.02 in June 2022 under former President Joe Biden.
However, the national average price in Trump’s second term has been $3.473 per gallon compared with $3.471 under Biden per a CNN analysis of AAA data, making the average higher under Trump.
Those skyrocketing costs, which rose as a result of President Trump’s war with Iran that he often calls a ‘little detour,’ are sinking Republicans on the campaign trail.
Americans are angry at soaring energy prices and frustrated over the nearly eight-month Iran war, which Trump initially said would be over within weeks. At a rally in Michigan on Sunday, Trump dismissed the concerns on higher gas prices, calling them a ‘small price to pay.’
However, the drawn-out conflict has instead rocked the global economy and piled fresh pressure on Americans already struggling with the cost of living.
Commerce Secretary Howard Lutnick, Texas Lt. Gov. Dan Patrick and Republican Senate candidate, Texas Attorney General Ken Paxton at a rally in Corpus Christi
An AP-NORC poll released last week found voters in both parties want the next Congress to focus on bringing down everyday costs and ending the war which has presented another headache for GOP candidates ahead of the November 3 elections.
Paxton was caught trashing the war in audio leaked by Axios from a private event last month.
At the event, Paxton was asked by an attendee what he sees as ‘dragging’ his campaign, to which he responded: ‘It’s not tariffs…. It’s the war, it’s gas prices, it’s diesel,’ according to the audio from September 24th.
The Lone Star State Republican made the admission to a room of lobbyists at a private fundraising lunch in Washington, DC.
Although Trump tried to address diesel costs by making a deal with Russian president Vladimir Putin that centered on the administration issuing temporary licenses allowing Russian diesel imports into the US for six months, he faced criticism from Republicans.
In Iowa, where fall means harvest season as much as it does election season, Republican Senate candidate Ashley Hinson told the Daily Mail earlier in October that the diesel deal made her ‘nervous.’
Beyond a deal with Russia, Hinson floated several other fixes. She called for ‘investing in our refining capacity here in the United States that has gone by the wayside,’ and said the administration was taking steps to ‘reinvigorate American independence again.’
She also urged lawmakers to explore ‘a temporary pause in the gas tax’ and ‘potentially a diesel rebate program’ for farmers and truckers who rely on the fuel for work.
Hinson continued at the time that she has ‘seen this administration taking steps to make sure we reinvigorate America’s energy independence again,’ before adding that further proposals such as ‘a temporary pause in the gas tax,’ as well as ‘potentially a diesel rebate program for people who are, for instance, farmers or truckers using diesel for their jobs and their work,’ should be explored.