FOR IMMEDIATE RELEASE
August 24, 2026
Contact: minority_jecpress@jec.senate.gov
NEW: Trump Gains $15.5 Million From Oil & Gas Stocks After His Iran War Gives Big Oil Sky-High Profits
President Trump and Big Oil Profit Off the Iran War as Americans Pay $71.5 Billion More for Gas
WASHINGTON – The U.S. Congress Joint Economic Committee - Minority released a new analysis today which finds that, at the end of 2025, President Donald Trump held as much as $45.6 million in oil and gas stocks, a portfolio that is now worth up to $61.1 million given the sky-high oil and gas profits and stock prices tied to Trump’s war in Iran. And in just the first three months of 2026 – a period that covers both the U.S. operation in Venezuela and the start of the Iran War – the Committee found that Trump bought as much as $3.6 million in additional oil and gas stocks.
In addition, the report includes new nationwide and state-by-state calculations that show that Americans have now spent an additional $71.5 billion on gas since the start of President Trump’s Iran War.
“President Trump continues to get richer from an illegal war that he started and refuses to resolve, while Americans pay the price for his actions,” said U.S. Senator Maggie Hassan, Ranking Member of the Committee. “On the campaign trail, Trump promised giveaways for Big Oil and relief for working families, but he can’t deliver both. Since launching his war with Iran, Trump has made clear that he puts his own financial interests – and those of his biggest bankrollers – ahead of Americans who are burdened with higher costs for gas and everyday essentials under this administration.”
As detailed in the new Committee report, throughout his campaign and early in his term, Trump received millions in donations from oil company executives, and his administration began to enact favorable rules and regulations for the industry – including billions in tax giveaways for Big Oil companies. These companies have seen massive profits since the President launched his war with Iran. Recentestimates 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.
This report is part of Senator Hassan’s ongoing effort as Ranking Member of the Joint Economic Committee to quantify the economic impact that President Trump’s actions have on American families. She will continue to shed light on the discrepancies between the President’s financial gain and the losses Americans have faced from rising costs under his watch. Senator Hassan will also continue to push the Trump administration to reverse course on his tariffs, illegal war with Iran, and other harmful actions that have driven up costs in all 50 states.
Read the Committee’s full report with state-by-state data here.
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