Trump on high gas prices: 'We're making a freaking fortune'

President Donald Trump announced on Saturday that American oil companies were profiting from the Iran war. Despite Americans paying record prices at the pump, according to AAA, Trump claimed the US oil industry was making "hundreds of billions of dollars." Addressing a rally in Georgia just days before the midterm elections, Trump said the country's oil and gas companies were "making a freaking fortune" from the Strait of Hormuz disruption.

US oil and gas businesses grew revenues by about $140 billion year over year, according to a Q2 report from the Oil & Gas Journal. However, the average price of regular gas in the US had jumped from $2.98 to $4.29 a gallon since the conflict with Iran began. Diesel prices were also soaring, with AAA reporting an average of $6.35 per gallon on Sunday, up from $3.75 a day before the war.

Trump's remarks are unlikely to help his chances in the upcoming elections as the public grapples with affordability issues.