Editor’s Note: The headline of this story has been updated to correct an error in the original version.
Senate Minority Leader Sen. Chuck Schumer (D-NY) delivered sharp criticism of President Donald Trump on Monday, accusing the White House of favoring oil companies amid high gas prices as the war with Iran casts uncertainty.
Trump’s ‘Illegal Iran War’ a ‘Gift’ for Oil Companies
Taking to the social media platform X, Schumer voiced his concern over surging gas prices in the U.S. “Trump’s illegal war in Iran is a gift to his Big Oil friends who bankrolled his campaign with the promise of raking in profits,” the New York Senator said in his post.
He then said that helping oil companies was one promise Trump “actually delivered on.” Schumer then pointed to rising gas and energy costs. “Americans are paying over $4 per gallon at the gas pump and suffering from rising energy costs,” he said.
The American Automobile Association (AAA) data showed that gas prices remained above $4 in most states, with the national average price on Monday at $4.0950/gallon, a slight decline from Sunday’s national average of $4.0960/gallon for gas.
However, amid the rising prices, GasBuddy analyst Patrick De Haan also pointed to the falling U.S. Strategic Petroleum Reserve (SPR). In a post on X, De Haan said that the U.S.’s SPR had fallen by 2.9 million barrels in the last week, with the SPR currently at 304.8 million barrels. The analyst then said that SPR release would be “winding down in the weeks ahead.”
Notably, during a press briefing on Monday, Trump said that he was not happy about oil companies turning in record profits. “I don’t like it,” he said. “They’re making too much money, based on the shortage,” he added. “I should be the last one to say it because I am a big, free enterprise guy.”
Trump also said that prices would be “dropping through the floor” once the U.S. was “finished with Iran.” Trump also said that ExxonMobil Holdings Corp (NYSE:XOM) and Chevron Corp (NYSE:CVX) made “too much money.” He said that one company made “12 times” what it did in the previous year. “They ought to give some of that back to the public and they better cut the retail price [of gas],” Trump said.
Hunter Biden Slams Trump
Earlier, former President Joe Biden‘s son Hunter Biden criticized multi-billion-dollar profits reported by companies like Chevron and ExxonMobil amid high gas prices and the Iran war. Biden said that Trump was making Big Oil “great again.”
Biden’s criticism was also reiterated by Gov. Gavin Newsom‘s (D-CA) press office, which accused Chevron of raking in profits amid the war and urged California residents to avoid paying extra at Chevron pumps for gas that was no better than its competitors.
Iran War Updates
Trump had earlier said that he would be halting strikes against Iran, a move that was hailed by former counterterrorism chief Joe Kent, who said it could pave the way for the reopening of the Strait of Hormuz. Trump also said that talks were ongoing with Tehran and that it was a “last chance” to make a deal.
Iranian officials denied the claims, saying that no negotiations with U.S. representatives were taking place. Meanwhile, the United Kingdom Maritime Trade Operations Center (UKTMO) reported that a vessel was struck near Al Khasab, Oman.
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