Trump’s Oil Holdings Gain Millions as Iran War Drives Up Pump Prices

President Donald Trump’s personal oil and gas stock holdings are now worth between $22.5 million and $81.6 million, according to a report released by Democrats on the Congressional Joint Economic Committee. The valuation is up from a range of $12.6 million to $46 million at the end of 2025. The report, obtained by CBS News, relies on financial filings submitted to the Office of Government Ethics.

The Democratic minority on the committee stated that the average value of these specific stocks has increased by 43% since the start of the year. They calculated that Trump purchased between $4.7 million and $17.5 million in energy equities between March and August. During that same period, he sold between $2 million and $5.4 million in the same sector.

The timing of these gains coincides with a sharp rise in consumer fuel costs. In early February, before the conflict with Iran began, the national average price for a gallon of regular gasoline was $2.87. By late October, that price had climbed to $4.29. The average cost for diesel rose from $3.68 to $6.28 over the same eight-month span.

Trump addressed the industry’s profits while speaking in Georgia on Saturday night. He told the crowd that U.S. oil and gas companies are 'making hundreds of billions of dollars.' He argued that while prices are temporarily high, they will fall dramatically once the war ends. He claimed his advisers had cautioned him against mentioning the scale of the industry’s earnings.

The White House maintains that the president does not personally direct these investments. Spokesman Davis Ingle said the portfolio is 'independently managed by third-party financial institutions' using computer-based models that replicate major stock indices. Ingle added that neither Trump nor any family member can direct, influence, or provide input on how the portfolio is invested.

Senate Democrat Maggie Hassan, the top member of the Joint Economic Committee, criticized the arrangement. She stated that the war has forced Americans to pay more at the pump while Big Oil rakes in profits. Hassan said the president’s continued ownership and trading of stocks in companies that benefit from his decisions raise major concerns about conflicts of interest.

Energy stocks have outperformed the wider market since the start of the year. The share prices of energy companies listed on the S&P 500 jumped more than 50%, compared to a roughly 11% increase for the broader index. Chevron and ExxonMobil represent the largest portion of Trump’s energy holdings. He owns up to $23.1 million in Chevron stock and up to $18.4 million in ExxonMobil.

The committee estimated that American families have spent an average of $856 more on gasoline since the war began in February. The report noted that the president’s stock purchases may be higher than reported because he has not yet filed transactions for September or October. Brent crude oil, the global benchmark, is hovering above $115 a barrel, up from less than $75 the day before the war started.

In August, Trump publicly criticized ExxonMobil and Chevron for making 'too much money' on fuel profits. He said he did not like the situation but noted he was a big free enterprise supporter. That same month, his investment accounts sold between $500,000 and $1 million of ExxonMobil stock on April 7, the day he declared a ceasefire. The stock closed at $163.91 that day and opened down more than 6% the following morning.

Trump recently accused Iran of trying to drive up oil prices ahead of the upcoming U.S. elections. He wrote on Truth Social that Iran was making up fake hits and mines to keep prices high. The conflict, which began on February 28, stymied oil exports in the Strait of Hormuz. The administration has taken steps to lower prices, including a deal to purchase Russian diesel and a $150 million Defense Production Act measure to boost domestic production.