Trump Says US Is 'Making a Freaking Fortune' on Oil as Americans Pay $4.29 a Gallon for Gas

Donald Trump told a crowd at a rally in Georgia on Saturday that the US was 'making a freaking fortune' from oil, as drivers across the country faced fuel prices more than $1 a gallon higher than a year earlier.

The president made the remarks at a midterm campaign event in Perry, Georgia, on 24 October. Trump anticipated criticism that he was celebrating industry profits while families struggled with higher prices.

'I can just see the fake headlines,' he told the crowd, before adding: 'I don't give a damn. We're making a freaking fortune.'

The national average for regular petrol was around $4.29 a gallon on Sunday.

Trump Says Advisers Warned Him Against the Remark

Trump said the American oil and gas industry was making enormous amounts of money as international buyers turned to US suppliers. He also claimed his staff had advised him against discussing the profits because Americans were paying more at the pump.

'My people said, "Please don't mention that, sir," because people are paying a little higher,' he said.

Trump nevertheless defended the economic benefits he associated with the industry, telling supporters that the country was making money on a scale it had never experienced before.

His remarks highlighted the tension between celebrating energy-sector earnings and addressing the higher costs facing motorists.

How Much More Drivers Are Paying for Gas

The latest average represents a substantial increase from October 2025. AAA's archived figures put the national average at $3.07 a gallon on 23 October last year, compared with approximately $4.29 on 25 October 2026.

That represents an increase of about $1.22 a gallon, or nearly 40 per cent. For a driver buying 15 gallons, the difference is roughly $18.30 per fill-up.

AAA recorded an average of $3.03 on 30 October 2025, meaning the current price is approximately $1.26 higher.

The additional expense can accumulate for motorists who fill their tanks regularly. At $18.30 extra per 15-gallon fill-up, a weekly purchase would amount to roughly $950 more over a year if the price difference remained unchanged.

The actual impact varies according to fuel consumption, driving distance and changes in prices. Motorists who commute long distances or rely on vehicles for work may face greater costs.

Trump Previously Criticised Oil Companies for Their Profits

The Georgia remarks contrast with Trump's comments in August, when he criticised major oil companies for earning what he considered excessive profits amid elevated energy prices.

'They made too much money, too much money,' he said. He also called on the companies to return some of their gains to the public and lower retail prices.

The reporting linked the companies' earnings to higher energy prices during the Iran conflict, which disrupted shipments through the Strait of Hormuz. However, oil prices, company profits and retail fuel costs are affected by several market factors.

A report published by Democratic members of Congress's Joint Economic Committee estimated that more than 20 major oil and gas companies recorded $125.2 billion in profits during the first half of 2026.

The report also estimated that the value of Trump's oil and gas stock holdings increased by as much as $15.5 million during the year. That figure represents an estimated increase in the value of his investments, not necessarily cash income or realised profits. The findings are the committee's analysis.

With the US midterm elections scheduled for 3 November, fuel prices remain an important political issue. Trump's comments offer Democrats an opportunity to challenge his economic messaging, particularly as voters contend with higher costs at the pump.