President Donald Trump continues to highlight the profits U.S. energy companies have earned during the conflict with Iran. He has made these remarks while campaigning across the country for Republican candidates ahead of next week’s midterm elections.
Those corporate gains stand in sharp contrast to the burden facing American drivers. U.S. consumers are now enduring the most expensive year for gasoline prices on record.
The national average price at the pump has climbed steadily throughout the year. Rising crude oil costs and global supply concerns have driven the increases.
Energy firms have reported strong quarterly earnings as oil prices remain elevated. The war with Iran has added further pressure to already tight global markets.
Trump has pointed to the industry’s success as evidence of his energy policies. He argues that domestic production has strengthened the U.S. position abroad.
Consumer advocates note that household budgets are feeling the strain. Higher fuel costs affect everything from commuting to food prices.
The timing poses a political challenge for Republicans heading into the midterms. Voters often weigh gas prices heavily when casting ballots.
Analysts expect prices to remain volatile through the winter. Much depends on global supply decisions and the trajectory of the Iran conflict.
