Sen. Bernie Sanders (I-Vt.) on Friday called for a windfall profits tax on oil companies after President Donald Trump said the U.S. is profiting from high oil prices tied to the Iran war.
Big Oil Profits Draw Sanders’ Criticism
Sanders wrote on X, “America is not making ‘a fortune’ off high gas prices, but your Big Oil pals are.”
He said the average U.S. household became $2,000 poorer because of the war. That matches an estimate from Moody’s Analytics chief economist Mark Zandi, who put the war’s cost to consumers at about $265 billion.
Sanders also said Big Oil gained $125 billion this year. The figure comes from a Joint Economic Committee Minority brief, produced by Democrats, which put first-half 2026 profits for more than 20 major oil and gas producers at $125.2 billion.
Trump Says US Is ‘Making A Fortune’
Sanders’ call follows Trump’s Wednesday remark at an Arizona rally, where he said, “Our country is making more money than it’s ever made because of the fact that oil is so high.”
Trump said he “cared about the little person like crazy,” but argued the U.S. is still “making a fortune.” He said he rarely raises the point because he is “not happy until we get the actual price of the oil down.”
He claimed gas was down to $1.85 per gallon, a level not seen nationally since the height of the COVID-19 pandemic.
According to American Automobile Association data, regular gasoline averaged $4.3344 per gallon Friday and diesel averaged $6.3261.
However, pressure on consumers is building. Brent crude closed Friday at $109.86, its highest since May 20.
Oil prices have been highly volatile in 2026 amid the U.S.-Israel conflict with Iran and the Russia-Ukraine war. Both have disrupted global energy supplies, while the Ukrainian strikes on Russian refineries have added to supply risks.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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