The Joint Economic Committee – Minority finds that so far this year, President Trump saw his wealth go up by as much as $15.5 million just through stocks he owned in oil and gas companies at the end of 2025. These companies’ profits and stock values are rising because Trump’s reckless war in Iran has caused gas and oil prices to skyrocket. The Committee finds that President Trump owned as much as $45.6 million in oil and gas company stocks in 2025, a portfolio that is now worth as much as $61.1 million given the surge in oil and gas stocks driven by Trump’s war in Iran.
During the campaign, President Trump promised to deliver for Big Oil if they gave him $1 billion in donations. Throughout his current term, Trump and Republicans have consistently enacted policies that benefit Big Oil, and these companies have seen massive profits since Trump unilaterally launched his war against Iran. Recent estimates show that Big Oil companies reported more than $125 billion in profits so far this year, including $12 billion for Chevron in the second quarter – its highest quarterly profits in six years – and a sky-high $14.7 billion for Exxon Mobil in that same period.
As Trump boosts his own stock portfolio and drives up profits for Big Oil, families have paid the price at the pump. The Committee finds that Americans have now spent an additional $71.5 billion on gas since the start of Trump’s Iran War, an average of $604 in added costs per family.
Trump ’s most recent financial disclosures show he held as much as $45.6 million and gas stocks in 2025, a portfolio that has grown in value by around 40 percent since the start of the year.
President Trump’s 2025 annual financial disclosure shows that he held as much as $2.8 billion in in individual company stocks, bonds, and other assets during his first year back in the White House. This Joint Economic Committee - Minority analysis of his stock holdings finds that he reported between $12.5 million and $45.6 million in oil and gas company stocks in 2025. 1 Experts on government ethics have flagged how rare it is for presidents to hold and trade stocks in individual companies, especially since Trump’s war in Iran and his other favors to the oil industry have all pushed up the value of Big Oil stocks – and in turn, Trump’s own stock portfolio.
The Committee found that the oil and gas stocks the President owns went up by an average of 39 percent from January 2nd through August 17th. Given that spike in value, his holdings are now worth between $17.2 million and $61.1 million, meaning that the President’s wealth increased by $4.6 million to $15.5 million just from the jump in his oil and gas stocks since the start of the year. As of August 17th, two of the large stocks he holds in this sector – Valero and Marathon – have more than doubled since the start of 2026.
Beyond increased wealth from Big Oil holdings that Trump reported in 2025, in just the first three months of 2026 – a period that covers both the U.S. invasion of Venezuela and the start of Trump’s reckless war in Iran – the Committee found that the President bought as much as $3.6 million in additional oil and gas stocks. His personal accounts bought hundreds of thousands of dollars in Chevron stock in the weeks that followed the operation in Venezuela, as that company began the process of cashing in on its exclusive (among U.S. companies) oil rights in the country. In addition, Trump received millions in donations from oil company executives during his last campaign and early in his term, and his administration has steadily enacted favorable rules and regulations for the industry – including billions in tax giveaways for Big Oil companies.
Big Oil companies reported $ 125.2 billion in profits across the first and second quarter of 2026, as Trump’s Iran War led to oil price spikes
As oil prices soared in the wake of Trump’s Iran War and the closure of the Strait of Hormuz, oil companies reported billions of dollars in profits to start the year. Chevron reported $12.1 billion in profits in the second quarter of 2026, making it the company’s most profitable quarter in six years. In addition, Exxon Mobil nearly doubled its profits in the second quarter of 2026, reporting around $14.7 billion in adjusted earnings. Together, more than 20 major oil and gas companies reported a total of $85.2 billion in earnings last quarter. When combined with the around $40 billion in profits reported by large oil and gas producers in Q1 of 2026, major producers have made around $125.2 billion in profits throughout the first half of the year.
While Trump and Big Oil see sky-high profits and stock price growth, Americans have now paid an additional $71.5 billion for gasoline since the start of the war.
As Big Oil companies take in massive profits and Trump’s personal holdings of their stocks continue to grow in value, Americans have paid the price. Newly updated data from the Joint Economic Committee - Minority finds that families have now spent an additional $71.5 billion on gasoline since the start of the Iran War, or an average of $604 in gas costs per family. Though Trump campaigned on lowering gas prices, he has instead forced families to pay more for gas while he has reaped in personal profits from Big Oil.