Senator Bernie Sanders (I-VT) took aim at oil companies on Monday, accusing them of profiting from the ongoing conflict with Iran as gasoline prices spike across the United States.
In a post on X, Sanders compared current oil and gas prices to those from March 2011, during the Obama administration. He noted that crude oil is trading around $105 per barrel—the same level as in 2011—but gasoline now costs $4.46 per gallon, versus $3.51 back then. "Big Oil is using the Iran War to rip off Americans at the gas pump," Sanders wrote, calling for a "windfall profits tax" and an end to the war.
The criticism comes as President Donald Trump's administration faces declining approval ratings over its handling of Iran and rising energy costs. California Governor Gavin Newsom recently slammed Trump, labeling the price surge as Trump's "Iran war tax."
According to the American Automobile Association (AAA), the national average for a gallon of gas on Monday was $4.457. California drivers are hit hardest, paying $6.114 per gallon—the only state above $6. Transportation Secretary Sean Duffy has suggested prices will drop quickly once the Strait of Hormuz reopens.
At press time, West Texas Intermediate (WTI) crude was at $104.4 per barrel, while Brent crude hovered around $113.2. The United States Oil Fund (USO), which tracks WTI, dipped 0.33% to $147.13 in after-hours trading.
The geopolitical backdrop is tense. Trump recently announced "Project Freedom," a humanitarian initiative to guide stranded ships out of the Strait of Hormuz. Meanwhile, the U.S. launched attacks on multiple Iranian fast boats after Iran struck oil facilities in the UAE, according to a BBC report. Notably, the UAE recently exited OPEC and OPEC+, the oil-producing cartel that includes Saudi Arabia, Iran, and Iraq.
