Trump gets one thing right: Big Oil really is making a ‘freaking fortune’
According to Donald Trump’s version of events, late last week his own team encouraged him not to celebrate higher gas prices. The president ignored their advice.
At a Saturday night campaign rally in Georgia, Trump spent quite a bit of time bragging that oil and gas companies were “making a fortune” as a result of higher prices, so consumers struggling to pay their bills should be glad they’re paying more at the pump.
As for members of his team who encouraged him not to make such comments, the president added, “I said, ‘I don’t give a damn. I’m going to say it. We’re making a freaking fortune.’”
MaddowBlog routinely shines a light on instances when Trump tries to deceive the public, but in this case, the Republican had a point: Big Oil really is making a freaking fortune, thanks in large part to price spikes tied to the war with Iran, which the president started eight months ago but doesn’t know how to end. The New York Times reported:
The war with Iran has been very lucrative for American oil companies, which have earned more than $130 billion in profit as people pay much higher prices for gasoline, diesel and other fuel.
That is a conservative estimate based on the performance of more than 50 large U.S. oil and gas companies, most of them producers or refiners, in the six months from April through September. It does not reflect profits earned in March, the first month of the war, or in October.
According to the Times’ analysis, over the same period of time last year, these same energy companies collectively earned $47 billion less.
By his own admission, Trump thinks this is great news, telling the public that “we” are making an enormous amount of money. The trouble is, “we” is doing a lot of work in that sentence.
It’s true that the U.S. is producing a lot of oil, and it’s also true that higher prices are generating massive oil industry profits. But because the number of Americans who benefit from oil industry profits is very small, few are likely to applaud the ongoing hit to their wallets.
That said, when the president uses the word “we,” there’s also reason to believe he’s being rather literal. Congressional Democrats on the Joint Economic Committee released data this week showing that Trump personally owns oil and gas stocks, which have added as much as $35.8 million to his personal wealth this year.
That same Joint Economic Committee report added, “In 2026, over 94% of his oil and gas stock purchases occurred after Trump started his war in Iran. In total, from March 2026 through August 2026, Trump purchased as much as $17.5 million of oil and gas stocks.”
Keep such details in mind the next time the president declares, “We’re making a freaking fortune.”
This post updates our related earlier coverage.
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