Trump's Oil and Gas Stocks Gained Millions During the Iran War, Democratic Report Finds
A Joint Economic Committee analysis puts the president's energy holdings at up to $81.6 million as gas hits $4.29 a gallon; the White House says he doesn't direct trades.
President Trump's personal oil and gas holdings have grown in value by millions of dollars since the war with Iran began, according to a new report by Democrats on the Congressional Joint Economic Committee that was obtained exclusively by CBS News.
The report puts the value of the president's oil and gas stocks at between $22.5 million and $81.6 million, up from $12.6 million to $46 million at the end of 2025. The Democratic minority said the holdings have risen an average of 43% since the end of last year, using data from LSEG Data Analytics. It also found that Mr. Trump bought between $4.7 million and $17.5 million of oil and gas stocks from March, after the war began, through the end of August, the latest month for which data is available. He sold between $2 million and $5.4 million over the same period. Filers are required to report only ranges, not exact amounts, and the report relies on the president's filings with the Office of Government Ethics.
The findings land as drivers pay far more at the pump. Before the war began at the end of February, regular gas averaged $2.87 a gallon nationwide and diesel $3.68. Now they average $4.29 and $6.28. Brent crude, the global benchmark, is hovering above $115 a barrel, compared with less than $75 the day before the war. Energy companies in the S&P 500 are up more than 50% this year, far ahead of the broader index's roughly 11% gain. Committee Democrats estimate American families have spent an average of $856 more on gas since the war started.
At a rally in Georgia on Saturday night, Mr. Trump said U.S. oil and gas companies are "making hundreds of billions of dollars" because of events in the Middle East. He said oil prices are "temporarily high" and will fall "dramatically in a short period of time" once the war ends, and added that his advisers told him not to mention how much the industry is earning.
His largest holdings are Chevron, of which he owns up to $23.1 million, and ExxonMobil, up to $18.4 million. Their shares have risen nearly 25% and nearly 22% since Feb. 20. The report also points to one notable trade: on April 7, the day Mr. Trump declared a ceasefire in the war, his accounts sold between $500,000 and $1 million of ExxonMobil stock, according to a disclosure filed in late June. Exxon closed at $163.91 that day, before the announcement that evening, and opened down more than 6% at $153.52 the next morning.
"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," said Sen. Maggie Hassan of New Hampshire, the top Democrat on the committee. She said his continued trading raises "major concerns about conflicts of interest."
The White House rejected the suggestion. Spokesman Davis Ingle said the president's portfolio is "independently managed by third-party financial institutions" in discretionary accounts invested through computer-based model portfolios that automatically replicate recognized indexes. "Neither President Trump nor any member of his family has any ability to direct, influence, or provide input regarding how the portfolio is invested or when investments are bought or sold," Ingle said. In a July interview with CNBC, Mr. Trump said his son Eric handles his finances.
Presidents, vice presidents and members of Congress are allowed to own and trade stocks while in office, though insider trading laws still apply. The Democrats caution that the true totals may be higher because Mr. Trump has not yet reported September or October transactions. Energy holdings are a small slice of his net worth, which Forbes put at roughly $7 billion in September, and cost of living remains a top issue for voters with the midterms days away.
