RI Gas Prices Surge Above $4 & National Gas Price Climbs to $4.11 as August Average Hits Record High, AAA Says

CRANSTON, RI - Due to President Trump's ill-conceived war with Iran and strategic incoherence, gasoline, heating oil, jet fuel, and diesel costs have all surged, putting more upward pressure on prices for everyday products that American consumers and companies depend on.

Today, the average price for a gallon of gasoline in Rhode Island topped $4.00 in the Ocean State, according to AAA. And the national gas price climbed to $4.11 which marks the highest it's ever been on this date. This August is shaping up to be the highest on record.

Oil prices can fluctuate for a variety of complex reasons. But U.S. Senator Jack Reed says it is clear the reason gas prices continue to remain elevated at record-breaking levels this late in the year is squarely due to President Trump's reckless decision to attack Iran and his continued mismanagement of the war and diplomatic failures to end it. Since the President launched his war with Iran, a significant portion of the world's oil has been blocked in the Strait of Hormuz, leading to higher global prices even with higher US output.

"Donald Trump is driving gas prices to record highs this summer. Americans continue to pay more at the pump because President Trump recklessly launched a war with no clear strategy, and, six months later, he has failed to accomplish any of the key goals he used as a pretext for his war. He has no coherent strategy or end game. In fact, he has made the U.S. less safe and emboldened the Iranian regime to seize unprecedented control over the Strait of Hormuz, where twenty percent of the world's oil passes through," said Reed. "Trump is fueling higher costs for oil, food, and other goods and drivers are being forced to pay more due to his chaotic mismanagement."

Before Trump started his war with Iran, regular unleaded gasoline in Rhode Island averaged $2.94 the week before the war -- $1.06 less per gallon than it is today. The price of diesel in Rhode Island - which powers trucks, tractors, and fishing boats -- is now $5.52 per gallon. As of this morning, Brent crude oil was trading above $93 per barrel and West Texas Intermediate traded near $87.

According to Brown University's Iran War Cost Energy Tracker, the energy burden on American citizens - the extra costs for gas and diesel they are forced to pay because of Trump's war with Iran -- has risen to $88.5 billion. That means the average family has been forced to pay about $675 more for products due to elevated gas and diesel prices over the past six months because of Donald Trump's war.

"With President Trump's Iran war now in its sixth month, Americans are paying a steep price at the pump for his weakness. The President's failed economic policies are passing a heavier economic burden onto working families. Households are struggling with cost pressures for gas, food, medicine, and more. Unlike President Trump, they can't just pass higher prices along to someone else. Trump's higher fuel costs are taking a real toll on family budgets. It's got to stop," said Reed, who also warned that while prices at the pump are already elevated and straining family budgets, many households could get hit even harder this winter by future home heating bills, which are projected to be steeper than last year, especially if supply disruption occurs due to the prolonged closure of the Strait of Hormuz.

For gasoline, early summer is peak driving season, but demand typically starts decreasing in mid-August as demand for oil begins to drop and a new school year begins.

The highest average gas price on Labor Day weekend was $3.83 in 2012, according to GasBuddy.

Gas prices overall are up nearly 30 percent compared to last year.

Reed, a leading member of the Senate Armed Services Committee, has repeatedly voted against Trump's reckless tariff taxes and war with Iran. Senator Reed is working to end these gambits, strengthen America, lower costs, and create an orderly process to reimburse Americans who have been unfairly forced to pay elevated costs due to President Trump reckless policies.

While consumers are getting hosed at the pump, Big Oil companies are sucking up record profits due to war-elevated gas prices. Eight of the biggest oil companies - Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron and ExxonMobil - amassed $90 billion in profits in just the three-month period of April, May and June.

In an effort to give American drivers a direct rebate, Senator Reed teamed up with U.S. Senator Sheldon Whitehoue (D-RI), who leads the Environment and Public Works (EPW) Committee, on the Big Oil Windfall Profits Tax Act. This bill would create an orderly process to reimburse Americans who have been unfairly forced to pay elevated costs due to President Trump reckless policies, and require multinational oil companies reaping record profits from the Iran war to return some of their excessive gains to taxpayers.

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