U.S. Oil Giants Profit Big as Gas Prices Soar

President Trump stated at a rally that U.S. oil companies are making massive profits from the Iran war, while Americans face record-high gasoline prices. He acknowledged the industry is earning hundreds of billions of dollars. According to AAA, the average U.S. regular gasoline price reached $4.29 per gallon, up from $2.98 before the U.S.-Israel strike on Iran in February 2026. Diesel prices nearly doubled to $6.35 per gallon, with costs often passed to consumers. An Oil & Gas Journal report found combined revenues of 38 U.S. oil firms rose by about $140 billion year-over-year in Q2 2026. Trump also announced a deal to import Russian diesel, which analysts warned could support Russia's economy.