Economist Robert Reich says the ongoing Iran war, which has induced sharp hikes in gas prices across the U.S., has handed a boost to the oil industry's profits, slamming President Donald Trump's pro-oil stance.
Trump's Iran War Causing Consumers to Pay More On the social media platform X on Thursday, Reich shared that "high gas prices caused by Trump’s Iran War" were boosting the "oil industry's profits," while the companies were "still getting billions in tax breaks every year," he said.
This, according to Reich, meant that consumers were "effectively getting charged twice." Read Also: Gavin Newsom Slams Trump Over Rising Gas Prices, Accuses GM of Helping ‘Gut’ California’s Emissions Standards The national average gas price surged to $4.1060/gallon on Friday, according to the data from the American Automobile Association (AAA), up from Thursday's at $4.0980/gallon average.
High gas prices caused by Trump’s Iran War are boosting the oil industry's profits.
And they’re still getting billions in tax breaks every year — meaning you’re effectively getting charged twice.Here’s what you need to know about Big Oil’s one-two punch.…— Robert Reich (@RBReich) July 30, 2026 Reich had, in the post, linked a video he had posted in December last year, which detailed how tax breaks and subsidies to oil companies, like the "Intangible Drilling Cost Deduction," allow companies to write off up to 80% of the cost of developing an oil well in the first year, Reich said in the video.
