President Donald Trump on Monday, October 5, 2026, addressed the current state of gas prices in a message on the social media platform Truth Social, stating that disruptions in tanker traffic from the Strait of Hormuz are no longer the main cause of rising gas prices. He said that refinery issues, including Ukraine's attacks on Russian oil facilities and reduced refining capacity in the United States, are now significantly impacting fuel prices.
Impact of Ukraine's Attacks and Refinery Shutdowns
Trump further emphasized that "refineries" are the main issue, stating: "Russian refineries are being blown up by Ukraine, and our refineries in Democrat-controlled states, like California, are shutting down." These remarks come as crude oil flow from the Strait of Hormuz reached an average of about 14.2 million barrels per day in late September, nearly 80% of pre-war levels.
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Reduced Refining Capacity in the United States
The refining industry in the U.S. is facing reduced capacity in some areas. For example, Valero's refinery in Benicia, California, was permanently shut down in April 2026, and Phillips 66 has recently begun the process of shutting down its Los Angeles-area refinery with a capacity of 139,000 barrels per day. These shutdowns and reduced refining capacity have led to increased fuel costs ahead of the midterm elections in November.
The average price of diesel in the United States reached a record $6.53 per gallon in late September. The U.S. government and several states are considering or implementing measures to alleviate fuel price pressure in order to improve the country's economic situation.
President Trump has also called on European countries to release some of their emergency diesel reserves into the market. His administration is exploring ways to increase fuel supply and reduce costs for American consumers.
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