NEW: ConocoPhillips and Valero Energy Are Raking in Profits as Gas Prices Soar to Multi-Year Highs With No End in Sight  

The price of oil hit a four-year high, surging to $120 per barrel, and Americans have spent $29 billion more at the pump since the start of Trump’s war of choice 

Trump is making good on his promise to do Big Oil’s bidding while Americans pay the price 

Washington, DC – Today, ConocoPhillips reported $2.3 billion in profits, up 84% since before Trump’s war of choice in Iran. Valero Energy announced quarterly profits of $1.2 billion, also showing a significant profit spike since before the war. During his 2024 campaign, Trump held a closed-door meeting with his wealthy Big Oil donors—including executives from ConocoPhillips—and made them a deal: If they donated a billion dollars to his campaign, he’d make it worth their while. From attacking clean energy competition to decimating pollution protections, Trump has cleared the way for his Big Oil buddies to rake in massive profits. Now, they’re making billions off his war while American families pay the price. 

With gas prices at $4.30 per gallon—up 27 cents in one week—Americans will spend half a billion dollars more on gas today compared to one month ago, completely wiping out the average tax refund. And it’s not just prices at the pump, Trump’s war of choice is making everything from plane tickets to groceries more expensive. While Americans pinch pennies, Trump is padding the pockets of his ultra-wealthy pals. 

Climate Power Communications Director Alex Glass issued the following statement: “Gas prices are spiking, groceries and flights cost more, and families are paying the price — all while Big Oil cashes in billions. Just this week, Trump met with oil executives to tell them this could go on for months. ConocoPhillips’ profits are up 84 percent. Trump promised to lower costs, but instead he’s enriching his oil donors and leaving working Americans to pick up the tab.”

Oil and gas companies are making billions while working families foot the bill with months of pain at the pump: 

• Trump’s war in Iran has already cost Americans $29.1 billion more at the pump.
  
• Gas prices have topped $4 per gallon, with the average American household expected to pay $740 more in gas this year.
  
• According to a CBS News poll, 51% of Americans said gas prices are posing a financial hardship or financial difficulty.
  
• The world’s top oil and gas companies made more than $30 million every hour in unearned profit during the first month of Trump’s war.
  
• The oil and gas industry gave $75 million to elect Trump.