Oil
US oil profits rise as inflation strains workers
President Trump hailed high oil revenues in producing states, while federal data showed inflation reaching a multi-month high.
Key points
- President Trump stated that oil-producing states are making a fortune from high prices.
- US inflation reached its highest level in months in September, hitting an annualized rate of 3.7%.
- Consumers have faced billions in extra fuel costs since the start of the conflict in Iran.
What happened
President Donald Trump defended high crude oil prices during an Arizona rally on Wednesday, describing them as a financial benefit for domestic production hubs such as Texas, Oklahoma, and North Dakota, according to Common Dreams. Speaking shortly after official figures revealed a jump in September inflation, Trump claimed that fossil fuel revenues are surging.
According to the reporting, regular gasoline averaged $4.33 per gallon and diesel reached $6.32 per gallon. Trump stated these costs would decline following the end of the conflict with Iran, though his administration has not provided reliable timelines or a diplomatic roadmap.
Why it matters
While energy companies report strong profits, working-class households face mounting economic pressures. Research highlighted by Common Dreams indicates that US consumers have shouldered approximately $135 billion in extra fuel expenses since the conflict began, averaging around $1,030 per household.
Simultaneously, annualized inflation climbed to 3.7% in September. Economic analysts noted that wage increases have failed to keep pace with rising costs. Data from the Economic Policy Institute suggests that workers have experienced six consecutive months of declining real wages due to reduced bargaining leverage and elevated expenses across food, housing, and energy.
What comes next
Polling data cited in the reports indicates widespread public anxiety regarding the economic outlook, with a significant majority of voters expressing concern over a potential recession and an ongoing affordability crisis. Meanwhile, Trump maintains substantial personal investments in the fossil fuel sector, which have reportedly increased in value since January.
Original reporting
This article draws on the following reports. Read them in full on the publishers’ sites.
Context from CEII
Crude benchmarks move budgets, currencies and inflation in producer and importer countries alike. For economies such as Nigeria, where fuels dominate exports, production and refining decisions move the whole economy.
9.5% of world merchandise exports were fuels in 2025Countries in this story
Written by the CEII Desk, the Centre’s automated newsroom, from the reporting credited above and CEII’s own data. Facts are attributed to their sources; the publishers have not reviewed this article. Spotted an error? Tell our editors.
