As Oil Executives Profit, Trump’s Actions Increase the Price of Gas
In White House meeting with refiners, Trump to highlight the high cost of gas and diesel, exposing his failure to bring down costs
WASHINGTON — On Tuesday President Donald J. Trump will meet with nearly a dozen executives of the U.S. oil refining industry. The meeting comes as the industry posts record profits while working families struggle with Trump’s gasoline and diesel price spikes. Additionally, the Trump administration has pursued policies intended to choke off opportunities for Americans to avoid high gasoline prices with EVs.
Approaching Labor Day weekend, the average gasoline prices are now $4.08/gallon, with diesel at a whopping $5.60/gallon with prices expected to rise even further in the days and weeks ahead.
In response to the meeting, Tyson Slocum, director of Public Citizen’s Energy Program, issued the following statement:
“High gasoline and diesel prices continue to punish American families economically, with Labor Day weekend expected to see the highest gasoline prices in U.S. history. High prices for American motorists mean massive profits for the refiners meeting with Trump.
“The President’s anti-consumer agenda has handed refiners the largest profit margins in history, with diesel crack spreads (a key metric of refinery profitability) breaking through $100/barrel for the first time this month. Record exports by refiners have led to the lowest level of domestic diesel inventories in the U.S. since 1996.
“Americans have already paid $94 billion in higher gasoline and diesel prices since Trump’s war with Iran—that’s an average of $720 in higher costs for every American household.
“America is the largest petroleum exporter in the world, as more of the product produced here at home is destined for export, tightening domestic markets, reducing products in storage, and keeping prices higher than they otherwise would be. The U.S. now exports 3.8 million barrels of oil every day, and an additional 900,000 barrels of motor gasoline and an additional 1.8 million barrels of distillates like diesel a day.
“While Trump’s war is a disaster for Americans’ energy affordability, the largest oil refiners are raking in windfall profits. Two months into his failed Iran war, Trump boasted that because U.S. oil companies produce and refine a lot of oil, “we make a lot of money” when oil prices go up. When Trump said “we” I guess he meant “me” since he owns millions of dollars worth of oil stocks.
“While Trump complained earlier this month that U.S. oil companies are ‘making too much money,’ he has failed to push for a windfall profits tax on oil companies, refused to rein in their record petroleum exports, and rejected efforts to restore incentives he took away for families to obtain electric vehicles or more fuel efficient cars.
“Trump explicitly campaigned on a pledge to slash all Americans’ motor fuel and utility bills in half within his first year, with him memorializing the promise in an October 1, 2024 op-ed. We’re now nearly 8 months past that failed promise, and Americans are struggling with his failed policies.”
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