California Gov. Gavin Newsom slammed President Donald Trump as the ongoing tensions with Iran over the Strait of Hormuz continue to affect oil and fuel prices in the U.S.
Trump ‘Can’t End the War,’ Says Gavin Newsom
Quoting a post by the Department of Energy (DOE), which shared an image of Trump with the caption “Drill, Baby, Drill!” and called the President the “Energy Man,” Newsom’s Press Office handle took to X on Tuesday and slammed Trump.
“The Strait of Hormuz is still closed and Americans have been forced to pay $86 BILLION more for fuel,” the Press Office said. “Meanwhile, Low T Trump still can’t end the war he started,” the post said. Newsom’s Press Office then said that the situation in Iran was only beneficial to “Big Oil, whose profits keep going up!”
Other Democratic Party leaders have also criticized Trump for favoring Big Oil profits, with Illinois Gov. Jay Robert ‘JB’ Pritzker demanding that oil companies reimburse consumers after reporting record profits. Trump also urged oil companies to bring down prices at the pump.
However, GasBuddy analyst Patrick De Haan, in a conversation with Benzinga, said that energy companies had little incentive to decrease prices at the President’s behest because they were beholden to investors and shareholders.
America’s Diesel Problem
While the rising cost of gas has been highlighted, diesel prices have skyrocketed in recent weeks as the diesel crack spread, which illustrates the profit margins of refineries from refining crude oil into diesel, surged to $102/bbl at the start of the week, its highest-ever figure.
Diesel prices also surged at the pump, with Wednesday’s national average at $5.5042/gallon as California’s average diesel price surged to more than $7/gallon, according to data from the American Automobile Association (AAA).
Meanwhile, Trump’s former counterterrorism chief, Joe Kent, warned against imposing economic pressure on Iran, as it could risk the lives of U.S. troops stationed in the Middle East following Trump’s warning that the U.S. was mulling “crushing economic” restrictions on Tehran to reopen the Strait of Hormuz.
Chris Wright Touts Oil Boost
Earlier, Trump’s Energy Secretary Chris Wright, responding to criticism of high fuel costs, said that oil production has “quadrupled” in the Permian Basin, Texas, before slamming the previous President Joe Biden administration’s clean energy policies as part of the reason for high energy costs.
However, Rep. Don Bacon (R-NE) acknowledged that Trump should’ve effectively communicated the Iran war’s impact on affordability and prices to the public.
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Photo courtesy: Sheila Fitzgerald / Shutterstock
