Trump's Oil Stock Gains Hit $81 Million as Gas Prices Spike

The average American family has spent $856 more on gasoline since the war with Iran began, according to estimates from Democrats on the Congressional Joint Economic Committee. At the same time, President Trump’s personal holdings in oil and gas stocks have grown to a value between $22.5 million and $81.6 million. That represents a jump from the $12.6 million to $46 million range reported at the end of 2025.

The committee’s report, based on LSEG Data Analytics and Office of Government Ethics filings, shows the president’s energy stocks increased in value by an average of 43%. Between March and August, the administration’s most recent available data, Trump purchased between $4.7 million and $17.5 million in oil and gas shares. He also sold between $2 million and $5.4 million in those same stocks during that period. The report notes that transaction values may be higher, as filings for September and October have not yet been released.

Energy stocks have outpaced the broader market as the conflict pushes fuel prices to multi-year highs. S&P 500 energy company shares have risen more than 50% since the start of the year, compared to an 11% gain for the overall index. The national average price for a gallon of regular gas reached $4.29 in early October. Diesel costs hit $6.28 per gallon. Brent crude oil is trading above $115 a barrel, up from less than $75 the day before the war started on Feb. 28.

Sen. Maggie Hassan of New Hampshire, the top Democrat on the committee, said the president’s financial gains raise questions about conflicts of interest. "Trump's Iran War has forced Americans to pay much more at the pump while Big Oil rakes in profits and the president's own stock wealth in the oil and gas industry continues to balloon," Hassan said. She noted that the president continues to own and trade stocks in companies that benefit from his policy decisions.

The White House maintains that the portfolio is managed independently. Spokesman Davis Ingle said third-party financial institutions manage the assets in discretionary accounts. "All investment decisions are made entirely by independent managers. There are no conflicts of interest," Ingle stated. He added that neither the president nor his family members direct how or when investments are bought or sold.

Trump’s largest positions include up to $23.1 million in Chevron and $18.4 million in ExxonMobil. Both stocks have gained roughly 25% and 22% respectively since Feb. 20. On Thursday, the president announced he will invoke the Defense Production Act to spend $150 million to boost gasoline and diesel production. U.S. elections are scheduled for next week, and Trump has said Iran is trying to drive up oil prices ahead of the vote.

The conflict has disrupted oil exports through the Strait of Hormuz, though some traffic has resumed. Trump said on Saturday in Georgia that U.S. oil and gas companies are making hundreds of billions of dollars. He predicted prices would fall dramatically once the war ends. Ambassador Mike Waltz told the Financial Times the war could last another year.