President Donald Trump stated at a rally in Arizona on Wednesday, October 14, 2026, that the United States is generating record revenue due to elevated global oil prices. During the event, the president claimed the country is "making more money than it’s ever made" and "making a fortune" because of high prices, though he noted he would not be satisfied until the price of oil decreases.
The increase in global oil prices follows the conflict involving the U.S., Israel, and Iran, which included the closure of the Strait of Hormuz. While the president stated that gas prices had reached $1.85 per gallon, national data indicates that the current average price for a gallon of gasoline is $4.33.
The global benchmark for oil, Brent crude, is currently priced at $104 per barrel. This represents a price increase of approximately 70% over the course of the year. The source reports that while oil companies have recorded record profits in 2026, polling suggests many consumers do not share the president's sentiment regarding the high prices.
The president stated he "cared about the little person like crazy" while also stating the country is "making a fortune." Social media commenters and critics argued that these profits are concentrated within oil and gas companies rather than individual citizens. These critics stated that the high prices act as a financial burden on the middle class while executive profits reach record levels.
The $1.85 gas price mentioned by the president previously occurred during the COVID-19 pandemic shutdowns, when global demand dropped. It is not currently reported when prices are expected to decline or what specific legislative actions will be taken to address the $104 per barrel market rate. No specific upcoming votes or court dates related to these remarks were reported.