Trump Shrugs Off Gas Costs Despite Voter Anger Over Inflation
WHO:
Newsweek - President Donald Trump spoke about oil prices and gasoline costs; his advisers cautioned him against highlighting energy-sector gains while consumers faced higher fuel prices.
Newsweek - California Governor Gavin Newsom reposted Trump’s remarks and wrote, “Congratulations to Big Oil on their very successful, record-profits presidency.”
Newsweek - Massachusetts Senator Elizabeth Warren wrote on X, “I'd like to report a fraudster in the Oval Office. Trump promised to lower costs on Day 1. But instead he launched a war that increased the prices of everything from gas to groceries.”
Yahoo Finance - A New York Times/Siena poll found that 73% of likely voters disapproved of Trump’s handling of gas prices; Newsweek reported the same result.
WHAT:
Business Insider - A sample of 38 U.S. oil producers and refiners collectively increased revenue by about $140 billion year over year, according to the Oil & Gas Journal.
Business Insider - Regular gasoline averaged $2.98 per gallon the day before the U.S. and Israel launched attacks on Iran, compared with $4.29 per gallon at the time of the article.
Business Insider - Diesel averaged $3.75 per gallon the day before the conflict began, compared with $6.35 per gallon on Sunday.
Business Insider - Trump said he had reached a deal with Russian President Vladimir Putin to import Russian diesel; analysts warned the move could provide financial support to Russia.
Newsweek - Protests against the Iran war and its effect on gasoline prices had taken place across the country.
Newsweek - The New York Times/Siena poll surveyed 3,494 voters.
Newsweek - Trump said the United States was making “hundreds of billions of dollars” from Middle East events as oil and gas companies took oil in Texas, Oklahoma, and Louisiana.
Newsweek - Trump said, “I don't give a damn, I'm gonna say it: We're making a frickin fortune,” and predicted gas prices would fall.
Newsweek - Trump said Americans were “paying lower than Biden and Obama,” adding, “they don't have nuclear weapons,” apparently referring to Iran’s nuclear capabilities.
Newsweek - AAA’s national average for regular gasoline was approximately $4.29 per gallon; midgrade was $4.80, premium $5.20, and diesel $6.35.
Newsweek - The regular-gas average was about $4.49 a month earlier and $3.06 a year earlier, a roughly $1.23-per-gallon, 40% annual increase.
Newsweek - Gasoline peaked at $3.93 per gallon under Obama and $5.06 under Biden, according to govargus.com.
Newsweek - A New York Times/Siena poll found 73% disapproved and 24% approved of Trump’s handling of gas prices; disapproval was 77% among independents, 42% among Republicans, and 43% among 2024 Trump voters.
Yahoo Finance - Prices rose 5.4% during Trump’s second term, compared with more than 20% during Biden’s term. Fuel oil and gasoline rose over 30% beginning in March, while coffee prices rose nearly 23%; toys rose 7.8% after falling 4.6% under Biden.
Yahoo Finance - Trump said, “Maybe the children will have two dolls instead of 30 dolls, and maybe the two dolls will cost a couple of bucks more than they would normally,” discussing tariff-related price increases.
WHERE:
Newsweek - Trump made the remarks at a rally in Georgia; he cited oil activity in Texas, Oklahoma, and Louisiana.
Yahoo Finance - The Strait of Hormuz was closed amid the Iran war.
WHY:
Business Insider - Higher diesel costs can be passed to consumers through increased prices for goods, as shipping companies use diesel to power boats and trucks.
Newsweek - Trump’s advisers warned that touting energy-industry gains could draw criticism because motorists were paying more for fuel.
Yahoo Finance - The articles linked fuel-price increases to the Iran war and Strait of Hormuz closure, and other price increases to tariffs.
HOW:
Yahoo Finance - Trump scrapped many coffee tariffs late last year after coffee drinkers objected to rising prices.
Yahoo Finance - Trump said higher energy prices would not remain a problem once the Iran war ended; he also accused Iran of trying to raise oil prices before the U.S. midterm election.
(UPDATED October 26, 2026 01:29 UTC)
President Trump defended rising energy prices at a rally in Georgia, saying the United States was making “hundreds of billions of dollars” from the Middle East conflict and predicting gasoline costs would fall when the war ended. The national average for regular gas was about $4.29 a gallon, up from $3.06 a year earlier, while diesel reached $6.35. A New York Times-Siena poll of 3,494 voters found 73% disapproved of Trump’s handling of gas prices, including 77% of independents. California Governor Gavin Newsom mocked Trump’s remarks, while Senator Elizabeth Warren accused him of breaking his promise to lower costs. Advisers had cautioned Trump against touting oil-industry gains as motorists faced higher bills. A sample of 38 U.S. oil producers and refiners increased revenue by about $140 billion year over year. Higher diesel costs can also raise prices for goods carried by trucks and ships.
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(UPDATED October 25, 2026 19:02 UTC)
President Trump defended his comments about rising fuel costs at a rally in Georgia, saying the United States was making “hundreds of billions of dollars” from Middle East events and oil production in Texas, Oklahoma, and Louisiana. He predicted gasoline prices would fall and said higher energy costs would ease when the Iran war ended, accusing Iran of trying to drive prices up before the midterm election. His advisers had cautioned him against celebrating energy-industry gains while drivers faced higher bills. AAA put regular gasoline at about $4.29 a gallon, up roughly 40 percent from a year earlier. A New York Times-Siena poll found 73 percent of likely voters disapproved of Trump’s handling of gas prices, including 77 percent of independents. California Governor Gavin Newsom mocked Trump’s remarks, while Senator Elizabeth Warren accused him of breaking promises to lower costs.