Donald Trump Blames Big Oil as Gas Prices Threaten Republican Midterm Hopes
Gas prices, oil-company profits and voter frustration are colliding as Trump pressures the energy industry ahead of November.
President Donald Trump is calling on major oil companies to lower gasoline prices amid rising fuel costs that threaten Republican hopes in upcoming midterm elections. In a series of Truth Social posts, Trump accused energy giants like Chevron and ExxonMobil of profiting from higher fuel prices during the Iran conflict, despite their strong earnings reports.
He urged the companies to "get your consumer (retail!) Oil Prices DOWN, NOW!" while accusing them of "too much money." Trump's comments come as Republicans defend their congressional majority and face voter concerns over affordability, inflation, and fuel costs. Industry experts, however, argue that oil companies have less control over pump prices than many consumers assume.
Patrick De Haan, head of petroleum analysis at GasBuddy, explained that crude oil prices, set on a global market beyond U.S. companies' control, primarily drive gasoline prices. Refiners can influence prices when supplies tighten, but most facilities are near capacity. Gas stations typically run on thin fuel margins, making them less able to reduce prices.
While oil company profits have risen due to high crude and refined product prices, these increases are attributed to supply and demand dynamics rather than corporate profiteering, according to experts and the American Petroleum Institute.
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