Gas Prices Spike Above $4 per Gallon Again Thanks to Trump’s War of Choice 

As Americans spend $71.1 billion more at the pump, Big Oil is expected to report their highest profits since 2022

Washington, DC – As oil and gas companies begin to report their Q2 profits tomorrow — after raking in $40 billion in Q1 — the national average cost of gasoline has once again surpassed $4 per gallon thanks to Trump’s on-again, off-again war of choice. Instead of trying to find relief for Americans, congressional Republicans have asked for $95 billion more for Trump’s war in Iran. With nearly 100 days until the midterms, Trump has insisted that he doesn’t care about American’s’ financial situation and,unsurprisingly, voters blame him for skyrocketing gas prices. 

A Climate Power and Center for American Progress Action Fund report found that Trump-GOP policies have cost American families at least $2,000 through skyrocketing gas prices, utility bills, health care premiums, and essential goods. The report found that Americans have spent $285 on gas prices alone since the start of the war. 

Climate Power Senior Advisor Jesse Lee issued the following statement: “As Trump and his ultra-wealthy buddies celebrate their profits by popping champagne in gilded ballrooms, American families are facing skyrocketing gas prices yet again thanks to his reckless war of choice. Meanwhile, his disastrous energy policies spiked electricity prices by 18% as he and congressional Republicans gut clean energy supply across the country. From gasoline to utility bills, Trump has made it abundantly clear where his priorities lie, and it’s not with the American people.” 

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

• 27 companies raked in more than $40 billion in profit in Q1 of 2026. Liberty Energy, a company founded and formerly run by Energy Secretary Chris Wright, earned $10 million in Q1, up 32% from Q4 of 2025 before Trump’s war of choice. Diamondback Energy quarterly profits were $1.2 billion, up 140% since before the war. Trump owns stock in both Diamondback and Liberty Energy. 
• Trump had as much as $12 million in Exxon Mobil stock and as much as $6 million in Chevron stock. 
• According to Gallup, two-thirds of Americans say the cost of fuel is posing a financial hardship or financial difficulty.
• The oil and gas industry spent $450 million to influence Trump and congressional Republicans, including more than $75 million to elect Trump.
• It’s not just gas prices. The cost of a summer cookout has surged by 9%, with beef prices surging by 17% since last year. Airfare has also jumped by 27% as airlines add fuel surcharges and baggage fees.
• Instead of protecting consumers from volatile global markets, Trump has actively worsened the crisis by sabotaging American-made clean energy. His policies have canceled or stalled almost 400 energy projects representing $74.3 billion in investments. These projects would have generated enough power to support 20.7 million homes.