Gavin Newsom, Pete Buttigieg Slam Trump Over Gas Prices, Big Oil—Analyst Says Diesel Is $2.72/Gallon Higher
Key takeaways
- Oil‑company profits are soaring amid higher U.S. fuel prices, drawing sharp political backlash from Democratic leaders.
- Every U.S. state has higher gas/diesel prices than a year ago
- Smallest price surge: 70 ¢
- Average gasoline rise: $1.24/gal
What happened
California Governor Gavin Newsom and former Transportation Secretary Pete Buttigieg publicly criticized President Donald Trump for encouraging high gas prices, citing a rally clip where Trump claimed oil companies made "hundreds of billions of dollars" and that prices would fall once the war in Iran ended. They highlighted that every U.S. state has seen higher gasoline and diesel prices than a year ago, with the smallest increase 70 ¢ and the average rise $1.24 per gallon for gasoline and…
Why it matters
The comments underscore growing political pressure on the Trump administration’s energy policy, which many view as favoring oil companies. Rising fuel costs are a key concern for voters ahead of the November midterms, and the sharp stock gains for major refineries suggest investors are pricing in continued high…
Short-term and longer-term
Short-term. In the next few days, watch for any further political statements that could sway short‑term sentiment on oil stocks.
Longer-term. Over the coming months, the sustained high fuel prices and robust stock performance of major refineries suggest a continued upside for the sector, provided geopolitical tensions remain.
Words on this card
- GasBuddy
- A platform that tracks and reports gasoline and diesel prices across the U.S.
- Iran war
- The conflict that began in February 2026, affecting global oil supply.
- Refining capacity
- The amount of crude oil that can be processed into gasoline, diesel, and other products.
- Midterm elections
- U.S. congressional elections held in November 2026.