I can't find it now, but I'm pretty sure I heard Trump mention recently that maybe oil
shouldn't get too much cheaper... after all, don't the oil companies that support him make more money when the price is higher?
So lower is better for the midterms, but higher is better for his oil buddies...
Whitehouse, Warren Demand Answers About Big Oil’s Massive Windfall Profits as Americans Face Skyrocketing Gas Prices
27 oil and gas companies on track to rake in over $40 billion in first quarter; Gas prices up by as much as 52 percent since Iran War began
On February 28, 2026, the Trump Administration launched a military campaign in Iran without congressional authorization. Predictably, Iran closed the Strait of Hormuz and global oil supply drastically decreased. Gas prices spiked, allowing 27 oil and gas companies to rake in over $40 billion in profit in the first quarter of 2026. Adjusted earnings for oil giants Shell and BP doubled from the last quarter of 2025 to the first quarter of this year.
“The opportunity to profit from high oil prices did not occur in a political vacuum,” the Senators continued. In an April 2024 private dinner at Mar-a-Lago, then-candidate Trump solicited $1 billion from fossil fuel executives, promising to roll back environmental regulations, issue desired permits, and expand drilling opportunities. Earlier this year, Trump ordered the U.S. military to capture Venezuelan regime leader Nicolás Maduro, providing new opportunities for U.S. oil companies like Chevron.
