Though regular Americans are paying more at the pump, US oil companies are striking it rich, President Donald Trump said on Saturday.
Speaking at a rally in Georgia, Trump said that oil prices are “temporarily high,” but added that the throttling of the Strait of Hormuz has pushed oil buyers to American companies with operations in Texas, Oklahoma, and Louisiana.
“The United States oil and gas business is making hundreds of billions of dollars,” Trump said. “I don’t give a damn, I’m going to say it — we’re making a freaking fortune.”
Indeed, a Q2 report this year from the Oil & Gas Journal, a trade publication, noted that “surging crude prices tied to ongoing Strait of Hormuz disruptions” fueled massive windfalls for North American oil companies.
Year over year, a sample of 38 US producers and refiners collectively grew revenues by about $140…
