Gov. Gavin Newsom (D-CA), as well as former President Joe Biden-era Transportation Secretary Pete Buttigieg, slammed President Donald Trump over the weekend, accusing him of helping oil companies secure windfall profits.
Gavin Newsom Congratulates Big Oil ‘Presidency’
In a post on X, Newsom quoted a clip from a rally where Trump addressed a crowd, touting the oil industry making “hundreds of billions of dollars” and that prices would come down once the war is settled.
He also claimed that Americans were paying lower gas prices than they did under former Presidents Barack Obama and Biden.
“Congratulations to Big Oil on their very successful, record-profits presidency,” Newsom said in his post on Saturday, reiterating his earlier criticism of Trump and his pro-fossil fuel stance.
In September, the California Governor alleged a “massive wealth transfer” in the form of high energy prices to oil companies, amid a fuel economy rollback the Trump administration announced earlier this year.
Pete Buttigieg Says Trump ‘Temporarily’ in Power
Buttigieg also took to X to express his criticism of Trump’s comments. “Gas prices are ‘temporarily’ high, says the president,” Buttigieg wrote.
“That’s because Republicans are temporarily in power,” the former Transportation Secretary added, urging people to “vote” in the upcoming midterm elections in November.
Top Analyst Points to Increasing Costs
Meanwhile, GasBuddy analyst Patrick De Haan pointed out rising energy prices, saying that all of the 50 states in the U.S. “have gas and diesel prices that are higher than a year ago.”
De Haan also said that the smallest surge was 70 cents, while the biggest surge was $1.24/gal. On the diesel front, the analyst said that “the average rise is $2.72/gal more for diesel.”
Last week, the analyst pointed out that Americans had spent nearly $139 billion on excess gas costs since March 1, following the start of the Iran war. He added that the bill could buy nearly 338,000 homes and house the population of Indianapolis.
Oil Companies Stock Movement
ExxonMobil Holdings Corp (NYSE:XOM) stock has risen over 20% since the Iran war kicked off at the end of February. XOM currently trades at $183.37.
ConocoPhillips Common Stock (NYSE:COP) shares also saw a nearly 33% jump in stock value since the end of February, with shares currently trading at $149.93.
Chevron Corporation Common Stock (NYSE:CVX) shares recorded an over 24% uptick in their price since the war with Iran kicked off, currently trading at $233.02 per share.
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